Here’s how the Broncos can create plenty of cap space to go shopping in free agency
Feb 26, 2024, 11:32 AM | Updated: 11:43 am
Russell Wilson still has hope that he can stay with the Denver Broncos … although he wants the team — and Sean Payton — to want him.
But if they don’t, the Broncos won’t use their dead-money figure as an excuse.
If the Broncos cut Russell Wilson with a post-June 1 designation, they’ll have $45.093 million of dead money on their cap even if they make no other moves. And to get in cap compliance, they will need to trim just over $16.8 million off of their salary cap, per the data compiled by OvertheCap.com. That figure accounts for the recently-announced salary cap of $255.4 million.
(Releasing with a post-June 1 does not change their salary-cap situation for 2024 at all, as he would have a $35.4 million cap charge whether he’s on the roster or not.)
So, the likelihood of their dead-money figure soaring above $50 million is high. But last year, four of six teams that had at least $60 million of dead money made the playoffs.
Last year, the average dead-money figure was $38,601,725, per the data compiled by Spotrac.com. So, while $50 million sounds like a lot, it isn’t exorbitant; last year, that dead-money figure would have been the 11th-highest.
Not ideal, yes. But it’s something with which the Broncos can work.
These are the moves that can get the Broncos not only in cap compliance — but to spend a bit in free agency, with numbers from OvertheCap.com:
1. Broncos restructure the top 2023 signees
Zach Allen, Mike McGlinchey and Ben Powers should be able to play out their contracts. Allen has a voidable 2026 year with which to operate as well. The Broncos can get on the right side of cap compliance by restructuring the contracts for each of them, which would save over $27 million on this year’s cap.
Savings:
- If all three are restructured: $27,072,917
- If Allen is restructured: $9,416,667
- If McGlinchey is restructured: $10,406,250
- If Powers is restructured: $7,250,000
2. Restructure or trade Courtland Sutton
After a career-high season in touchdowns, Sutton restored some of his value heading into 2024. But it may not be wise to trade a receiver as gifted as the seventh-year veteran, whose tight-window, heavy-traffic scores became a mainstay last year. So, a restructure to convert salary to signing bonus comes into play.
Savings:
- If traded or released (pre-June 1): $9,745,588
- If restructured: $5,987,500
Right now, the Broncos are back in compliance. Restructures of Allen, McGlinchey, Powers and Sutton place the Broncos $16,249,339 under the salary cap. This ensures they can squeeze in some draft picks, plus a few lower-cost free agents.
But there’s more to do.
3. Trade Jerry Jeudy
The Broncos probably can’t get as much for him as they would have in October. He’s on a considerably more expensive fifth-year option this season, taking his salary-cap figure into eight figures. But the Broncos have more options with Sutton than Jeudy. Furthermore, trading Jeudy can be done without incurring any dead money, if that figure remains a concern.
Savings:
- If traded: $12,987,000
- If released: $0, because the Broncos are still on the hook for the fifth-year option.
- If restructured: Not applicable on fifth-year option unless they sign him to a long-term contract.
And with that, the Broncos are up to just over $29.236 million of space. But that isn’t all at wide receiver.
4. Make a move with Tim Patrick
It’s easy to forget about a player who hasn’t played a regular season or preseason snap in two years thanks to a torn ACL and a ruptured Achilles tendon. Patrick’s cap figure of $15,571,668 is one the Broncos need to reduce. The team has options here, and one could be to craft an extension that gives him some guaranteed money — perhaps more than he is likely to receive on the open market after his two injuries.
Savings:
- If released or traded: $9.5 million
- If brought back on an extension or after a release: $4 to 6 million (estimated, depending on structure and other factors)
5. Make a move regarding D.J. Jones
After a rough 2023, Jones heads into the final year of his deal with a contract that would have just under $3 million of dead money if he’s released.
Savings:
- If released or traded: $9.97 million
- If brought back on an extension: $6.624 million
6. Make a move regarding Justin Simmons
If the Broncos want to accumulate draft capital, the veteran could be in play. Now, his departure would create a massive hole in the secondary; the Broncos’ defensive form in Weeks 3 and 4 last year showed what life is like without Simmons, and it was disastrous. They would need to re-sign P.J. Locke and either draft another safety, sign another veteran or hope that JL Skinner can develop after a quiet rookie season.
- If released or traded: $14.5 million
- If extended: $10,632,000
7. Make a move regarding Garett Bolles
It gets interesting regarding Bolles because the Broncos have a perfectly cromulent option at left tackle if they choose to bring back veteran Cam Fleming, who works better on the left flank than the right.
Releasing or trading Bolles would hurt, given his improved play last year under new offensive-line coach Zach Strief and the potential need to maximize the offensive line if the team goes with a quarterback at No. 12. A restructure is not an option because this is the final year of his deal. However, the Broncos could work out a contract extension that would push money forward in to future years. This would save over $11 million.
The depth at tackle in this year’s class could also mean that the Broncos are thinking long and hard about a rookie left tackle at No. 12 if they part ways with Bolles.
Savings:
- If released or traded: $16 million
- If extended: $11,632,000
So, for example, let’s consider if the Broncos keep Simmons on his current terms, but part ways with Jones, Bolles and Jeudy, restructure Allen, McGlinchey and Powers and cut Patrick.
This would give the Broncos $64,706,339 of cap space.
The Broncos can do some things with that kind of space
So, in this instance … yes, the Broncos could absorb the entire Russell Wilson dead-money hit in one year if they wanted.
But with this much cap space, the Broncos could re-sign key veterans such as:
- OT Cam Fleming
- ILB Josey Jewell
- S PJ Locke
- K Wil Lutz
- TE Adam Trautman
They could also bring back Patrick. These moves could be accomplished for roughly $20 million in 2024 cap space. If budgeting another $10 million to the rookie pool, that would leave the Broncos with $34.7 million of cap space.
They could bring in a Sam Darnold- or Jameis Winston-type of veteran QB. They could add a premium free agent on the defensive line along with second-wave players at tight end and safety.
Or … they could put themselves in the Kirk Cousins mix.
Properly structured, a contract for Cousins could have a 2024 cap figure somewhere in the $20-$30 million range.
The Broncos have options …
And yes … one is absorbing the entire Russell Wilson cap hit
But of course … one of those options is swallowing the entire $85 million salary-cap pill for Wilson in one year. Which they could do.
With the afore-mentioned moves not involving Simmons to get $64.7 million under the cap, the Broncos could take the additional $49.6 million this year and have $15.1 million of space remaining.
That could be the best long-term play.
But getting back to the postseason is an urgent goal at Centura Health Training Center. So, I don’t expect the Broncos to swallow it all and punt on 2024.
