With NFL free agency less than a month away, the Denver Broncos are pojected to be about $24 million over the salary cap. The Broncos will likely restructure several contracts to create more cap space, and the club can also cut or trade select veterans for additional cap relief.
We’re not listing quarterback Russell Wilson’s (expected) looming release below because that’s going to create a negative cap hit. To counter that “dead money” cap hit, we’ve put together a list of 10 other players that Denver could cut, trade or restructure (with help from OverTheCap.com for the numbers).
The NFL’s free agency negotiating window will open on March 11. The new league year (and full free agency) will begin on March 13.
1
WR Jerry Jeudy: Trade to save $12,987,000
Jeudy is about to play on his fifth-year option before becoming a free agent in 2024. The Broncos should consider trading him now instead of risking losing him in free agency next spring.
2
DB Justin Simmons: Trade to save $14,500,000
Simmons is one of the NFL’s best safeties, but he’ll turn 31 this season and is scheduled to become a free agent in 2025. Unless the Broncos believe they are truly on the verge of contending for a Super Bowl, it would make sense to trade Simmons now while he still has trade value.
3
D.J. Jones: Cut to save $9,970,000
Jones has played well so a hypothetical release would be strictly cap-related. Alternatively, OTC estimates that Denver could save $6,624,000 in 2024 cap space by giving Jones an extension. It would be a short-term fix, but an extension would make Jones’ cap hit more manageable this year. One way or another, the Broncos will likely take some kind of action with Jones’ contract.
4
WR Tim Patrick: Cut to save $9,500,000
We love Patrick, but he’s coming off back-to-back serious injuries and set to turn 31 this season. There’s no way the Broncos will pay him $9.5 million in 2024 when they’re in a salary cap pinch.
5
QB Jarrett Stidham: Cut to save $5,000,000
Parting ways with Stidham could create enough extra cap space to sign a quarterback like Jameis Winston, who would be an upgrade.
6
LB Alex Singleton: Cut to save $3,000,000
The Broncos seem unlikely to cut Singleton, but if they’re pinching pennies, $3 million here and there adds up.
7
CB Tremon Smith: Cut to save $2,500,000
Smith was a good special teams player last year, but Denver can probably find similar production from a player with a lower cap hit.
8
OT Garett Bolles: Extension to save $11,632,000
The Broncos could cut Bolles and save $16 million, but that would leave them without a left tackle (and Denver will probably also need a new center this offseason). The Broncos can kick the can down the road by giving Bolles an extension and freeing up some cap space in 2024.
9
OT Mike McGlinchey: Restructure to save $10,406,250
The Broncos seem very unlikely to cut McGlinchey just one year into his five-year, $87.5 million contract, but they could convert some of his salary into a signing bonus to get some cap relief in 2024. That would, once again, push their problems into the future, but it’s an option to consider.
10
WR Courtland Sutton: Restructure to save $5,987,500
The Broncos could take similar action with Sutton’s contract, converting some of his salary into a signing bonus for immediate cap relief. Such a move would give Sutton a bigger cap hit in 2025.
11
Potential total savings: $85,482,750
If the Broncos made all of the above 10 moves, the team could save more than $85 million. After accounting for the $24,113,842 deficit, the team would be left with $61,368,908 in cap space. That’s enough to make some moves in 2024 while also leaving some to roll over into 2025. Making all 10 moves on this list would be extreme, but Denver will weigh every option ahead of NFL free agency.
