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Broncos' New Deal With S P.J. Locke: Contract Details & Grade

Did the Denver Broncos make a good decision in re-signing P.J. Locke?
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After being active in 2023 free agency, the Denver Broncos are expected to be less active this year. But the Broncos have still signed some players to multi-year deals.

As happened last year, I'm going to examine the details of each contract as they are revealed. We'll start with safety P.J. Locke, who returned to the Broncos on a two-year deal.

Contract Details

Summary: Two years, $7 million, $3.245M fully guaranteed.

Contract Breakdown

  • 2024: $2M signing bonus (fully guaranteed), $1.245M base salary, $255K per-game roster bonus.
  • 2025: $2.99M base salary, $510K per-game roster bonus.

Cap charges: $2.5M in 2024, $4M in 2025.

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Gut Reaction

This is a reasonable deal for Locke, who first joined the Broncos practice squad in 2019 and has emerged into a solid starter. He played under the exclusive rights free agent tender in 2022, then under a one-year deal in 2023 after the Broncos didn't tender him as a restricted free agent.

Locke received $1.4M last season and more than doubled his salary with the new contract. It puts him right about where you expect for a safety of his talents, but it allows the Broncos to say, "Here is your reward," after he emerged last season.

This is a solid contract for the Broncos because they found a way to reward Locke without committing too much to him.

Contract Grade: B+

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