Spring cleaning could involve top players
It’s spring cleaning time for the Broncos.
Sure, there’s probably more snow ahead at some point here on the Front Range, but the NFL calendar is about to turn over to 2024, and that means work ahead for Denver and many other teams.
The Broncos on Monday made official their intention to release Russell Wilson next week when the league year begins and the details will instruct some of how they go about the rest of their business.
Here’s why:
The legal tampering period of free agency starts March 11 and the league year officially starts two days later. Teams have to be in salary cap compliance at the end of every day of the league year, meaning once 2024 starts the Broncos must be under the 2024 cap.
Denver is projected by Overthecap to be about $16 million over the salary cap for 2024 after the NFL set the number at a surprisingly high $255.4 million last month.
However, that OTC number assumes Denver exercises an option on Wilson’s contract before releasing him. In that event, the Broncos take $35.4 million of Wilson’s dead cap in 2024 and $49.6 million in 2025.
If instead Denver declines the option, it will take $53 million dead in 2024 and $32 million dead in 2025. In that scenario the Broncos would be more like $34 million over the cap. The team as of Tuesday was still deciding how to split Wilson’s dead money, sources told The Post.
Broncos general manager George Paton said his team will be “strategic” in free agency, and they’re not expected (or able) to go on a spending blitz like they did last spring.
Even still, Denver will want to create not just enough space to get to the cap, but enough to do at least some work in free agency. They’d like to bring back some of their own impending free agents, including safety P.J. Locke and kicker Wil Lutz. They’ll also need to have space for their draft class come late April.
The Broncos don’t necessarily need to cut a bunch of players. In fact, with the way the roster is currently constructed, restructures, conversions and a potential trade or two look like more likely options.
Converting base salary to bonus is the easiest way to create salary cap space short-term, but all that does is kick salary cap charges down the road. Ideally, then, you choose carefully about who to make such moves with.
“You just look at the contracts we have. In the players, some of the veterans we have and some that make more sense than others,” Paton said last week. “You don’t want to mortgage the future, so some (contracts) you don’t have to mortgage as much. Really, it’s the player, it’s the youth, do you feel like they’re going to be there a while?
“Those are the ones maybe you go to. And I’m not sure we’re going to do that or not, but we do have that flexibility.” Holding the line is an option for any of the below players, but this is the group where action is most likely.
*Numbers via Overthecap.com
WR Tim Patrick
• 2024 CAP NUMBER >> $15.572 million
• GUARANTEED >> None
• ACTION >> Renegotiate or release
• POTENTIAL SAVINGS >> Up to $9.5 million
• DEAD MONEY IF RELEASED >> $6.072 million
The Broncos will have Patrick’s $6.072 million in prorated bonus on their books in 2024 regardless of his roster status. Patrick hasn’t played in two years after missing 2022 with an ACL tear and 2023 with a torn Achilles. His $9.5 million base is not guaranteed, so the question is if the sides can find a mutually acceptable lower number. Perhaps Denver guarantees a little bit and builds in incentives for Patrick to earn if he gets back into productive form. There should be an easy $5 million-$7 million or more here in savings for Denver and a spot for a respected veteran back on the roster.
LT Garett Bolles
• 2024 CAP NUMBER >> $20 million
• GUARANTEED >> None
• ACTION >> Trade or release
• POTENTIAL SAVINGS >> Up to $16 million
• DEAD MONEY IF TRADED/RELEASED >> $4 million
Bolles played solid ball in 2023 coming off a 2022 broken leg. He will also be 32 by the start of training camp and carries the highest nonrussell Wilson cap number on the roster going into the final year of his deal.
Denver can let him play out the contract and hit free agency next year. Or perhaps Bolles draws interest via trade and the Broncos can recoup some draft capital while also saving money. Either of those options are better than out-and-out releasing him without a clear succession plan at a premium position. They could also try to guarantee some money for 2024 in exchange for lowering the cap number or explore a short extension, but it would be surprising if Denver committed to top-end money for Bolles long-term.
S Justin Simmons
• 2024 CAP NUMBER >> $18.25 million
• GUARANTEED >> None
• ACTION >> Trade or extend
• POTENTIAL SAVINGS >> Up to $14.5 million
• DEAD MONEY IF TRADED/RELEASED >> $3.75 million
Simmons is a franchise stalwart and still clearly capable of playing at a high level. He’s also entering the final year of his contract and has no guaranteed money for 2024. The Broncos could save north of $10 million for 2024 if they extend the 30-year-old. They could be tempted to trade him if a market develops, considering their lack of draft capital. A release can’t fully be ruled out, but would be more surprising than either of the first two options.