Picking up Von Miller’s team option was a good gamble by the Broncos

On Tuesday morning, the Broncos surprised almost everyone when they picked up the team option on Von Miller’s contract for the 2021 season. As a result, the linebacker remains on the books for $18 million in salary and carries a $22.225 million cap number.

Those are big numbers, which led most people to believe that Denver would either try to rework Miller’s deal or move on from the Super Bowl 50 MVP. The linebacker is coming off of an injury that forced him to miss the entire 2020 season, which makes picking up the team option a bit of a gamble.

That said, it’s not as big of a roll of the dice as many think. In essence, the Broncos bought themselves some time by guaranteeing $7 million of Miller’s contract as of the start of the league year, which is March 17.

The Broncos can still work on a restructured contract with the linebacker. And given that it’s hard to fathom that it would be for less than $7 million per season, given what pass rushers have signed for this offseason, there was no risk in absorbing the guarantee.

If they aren’t able to redo the deal, it’s not as though Denver will be grossly overpaying for Miller’s services. The $18 million he’s set to earn in 2021 exactly matches the average annual salary of Shaq Barrett’s new contract with the Buccaneers, showing that it’s on par with what is being paid around the league.

Of course, Barrett is coming off of back-to-back productive seasons, while Miller isn’t. In addition to missing all of last year with an ankle injury, the linebacker also had a down season – posting just 8.0 sacks – in 2019.

So there is a chance that Miller doesn’t perform up to his standards, which would mean that he wouldn’t live up to his contract. But it’s only one season; the Broncos aren’t locked in long-term.

And even though Miller carries a big number, Denver still has plenty of cap space. Even after re-signing Shelby Harris and inking cornerback Ronald Darby on Monday, George Paton still has more than $30 million to work with this offseason.

Parting ways with Miller would’ve ballooned that number to nearly $50 million. That sounds great, but it’s only useful if the Broncos can put it to use. Right now, it’d be tough to replace Miller for less than his $18 million salary. And it certainly couldn’t be done on a one-year deal.

That’s why letting the linebacker go would’ve carried some risk. He’s a tough player to replace, both on the field and off.

If Miller left, got a multi-year deal elsewhere, and rebounded to his old form, that’d be a tough pill for Broncos Country to swallow. It certainly would’ve been a tough way for Paton to begin his career in Denver, parting ways with the franchise’s all-time leader in sacks and watching him post big numbers with another team would be difficult to overcome.

Things can still go a lot of ways with Miller. Keeping him puts those options on a spectrum that ranges from a big hit to minimal downside. Letting him walk, on the other hand, ranges from small win to a major miss.

That being the case, George Paton made the wise move on Tuesday.

Related

Sean Payton unhappy after Packers demolish Broncos, sends message to startersBroncos waste no time getting Jaylen Waddle involved in his preseason debutBo Nix throws a TD, leads two scoring drives in return from broken ankleBroncos CB Moss leaves game with rib injuryNuggets sign six-time All-Star DeMar DeRozanCecil Lammey has one word to describe Davis Webb’s offense