Broncos' Updated Salary Cap Space After First Wave of Free Agency

Since the week began, the Denver Broncos have acquired two players in trades, signed three unrestricted free agents, tendered two restricted free agents and signed two homegrown free agents to a one-year deal.

So where does that leave the Broncos in terms of cap space? Here's what we know thus far.

CB A.J. Bouye, acquired from the Jacksonville Jaguars for a fourth-round pick, will count for $13.4 million against the cap.

DL Jurrell Casey, acquired from the Tennessee Titans for a seventh-round pick, will count for $11.7M against the cap.

Throw in the franchise tag of $11.4M for S Justin Simmons, the two RFA tenders for OL Elijah Wilkinson and NT Mike Purcell at $3.2M each, and a $1.75M cap hit in 2020 for backup QB Jeff Driskel, and the Broncos' cap space gets whittled down.

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That's Not All

It remains to be seen what the contract structure for OL Graham Glasgow will be, but it seems reasonable to estimate his 2020 cap hit at between $8M and $9M, which would leave the Broncos with about $14.1M to $15.1M in space. The one-year deals given to CB De'Vaunte Bausby and LB Joe Jones will likely be cheap deals.

Flacco Bumps the Numbers

The Broncos waived Joe Flacco with a failed physical designation on Thursday. Long story short, the waived with failed physical designation means the Broncos don't have to pay Flacco an injury settlement.

Also, I believe the cap hit is immediate. No post-June 1 option here. So treat it the same way as a straight cut. It frees up an additional $10.05M to be used presently.

Gordon's Contract

The Broncos signed RB Melvin Gordon on Friday two a two-year, $16M deal with $13.5M guaranteed. Melvin Gordon's 2020 cap hit is $7M per Spotrac.

Cap Space: $26.9M (Spotrac)

Keep in mind that, because of the top-51 cutoff, players with cheaper contracts won't count toward the cap at this time. So the space the Broncos have still gives them some wiggle room to add another free agent or two, or perhaps bring back a player who is testing the market like Derek Wolfe, Shelby Harris, Will Parks.

Also, the Broncos got a little bit of space by trading away FB Andy Janovich (about $568,000). It all adds up.

Bottom Line

The Broncos still have plenty of flexibility to add to the roster. It just remains to be seen how active they are from this point forward.

The Broncos do have more than 70 players under contract, so with 10 projected draft picks imminently hitting the roster, they may not be that active in free agency from this point forward. But Denver did make four major moves in acquiring starters in Bouye, Glasgow, Casey, and Gordon, so they didn't stand pat like other teams.

Thus far, the Broncos have been good at managing the cap and still have the flexibility to tweak the roster as needed.

Follow Bob on Twitter @BobMorrisSports and @MileHighHuddle.