The Denver Broncos gave a three-year, $30 million contract extension to wide receiver Tim Patrick two weeks ago.
Thanks to Spotrac.com, we now know the details of that contract.
Patrick will have prorated signing bonuses of $750,000 count against his salary cap total in each of the next three seasons. He will also have a roster bonus of $6.965 million in 2022 and $500,000 in 2023 and 2024.
Patrick will have a low base salary of $1.535 million next season and a salary cap hit of $9.25 million. His base salary will jump to $8 million in 2023 but his cap hit will remain $9.25 million. Patrick will then have a base salary of $9.5 million in 2024 and a cap hit of $10.75 million.
The Broncos will have an option to get out of Patrick’s contract after the 2022 season if they want to. Denver could opt out of the receiver’s contract in 2023 with a dead cap hit of just $1.5 million, according to Spotrac.com.
Of course, the Broncos are obviously hoping Patrick will finish out his contract in Denver with three more years of productive play.
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