Report: Broncos Restructure WR Tim Patrick's Contract to Free Up $4.6M in Cap Space
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The Denver Broncos were pushing close to the salary-cap limit but will get some additional relief after one player agreed to a contract restructure on Friday.
Wide receiver Tim Patrick, who signed a three-year contract extension last November, agreed to restructure a $6.95 million roster bonus that was due March 21, converting it into a signing bonus per 9NEWS' Mike Klis. The restructure lowers Patrick's cap hit for 2022 from $9.25M to $4.6M, giving the Broncos about $4.6M in cap space.
Patrick is still due a $1.5M base salary. His cap hit in 2023 will be increased to $11.57M and, because he will have $5.5M in base salary that becomes fully guaranteed on March 21 of this year, he is assured of being with the team in 2023.
However, the Broncos would be able to move on from Patrick in 2024 if necessary with a manageable dead-money hit of $3.07M and still free a little more than $7M of cap space.
When Patrick signed his three-year, $30M contract extension last November, I wrote that the $6.95M roster bonus could be converted into a signing bonus down the road if necessary, all while ensuring the Broncos have flexibility to get out of the deal in 2024.
The main reason for doing this restructure is the Broncos having acquired quarterback Russell Wilson in a trade, which meant giving the team more flexibility in signing free agents, given the draft capital they gave up to acquire Wilson. To that end, the Broncos added backup quarterback Josh Johnson and special-teamer/linebacker Alex Singleton after the restructure was announced.
The Broncos could do a similar restructure with Courtland Sutton as he is due a $10.5M roster bonus on March 21. Given that the Broncos could still use some help in the secondary, it wouldn't be surprising if Sutton were to agree to a restructure to allow the Broncos to add free agents there — perhaps even bringing back defensive backs Kareem Jackson or Bryce Callahan, whom general manager George Paton said Friday the Broncos would like to re-sign.
As for the Broncos' total remaining cap space, the specific figures for D.J. Jones' contract structure haven't been released, but I estimate the Broncos to have between $6M and $7M in cap space at this point. And there's still a 2022 incoming NFL draft class to sign.
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