Patrick restructures Broncos deal
Tim Patrick’s attempt at yet another comeback will happen in Denver.
The veteran wide receiver agreed to restructure the final year of his contract, ensuring he’ll stay with the Broncos, multiple sources confirmed to The Denver Post.
Patrick had a $9.5 million non-guaranteed base salary and a salary cap charge of $15.572 million for 2024, but those numbers will both come down.
The exact terms of the restructure were not immediately available.
In terms of cap implications, Patrick had $6.072 million in prorated bonus set to count against Denver’s cap regardless in 2024, according to Overthecap data. So his cap number should reduce by the difference between $9.5 million and his new base salary.
The Broncos can also build in incentives for Patrick, who has missed the past two seasons due to injury. He sustained a torn ACL during training camp in 2022 and then a torn Achilles tendon in camp last summer. The last NFL game he played in he caught six passes for 95 yards against Kansas City on Jan. 8, 2022.
Denver’s salary cap picture overall is in flux depending on how the club decides to split up Russell Wilson’s $85 million in dead cap charges over 2024 and 2025. For the moment Patrick’s restructure may well make the Broncos cap compliant, which is a requirement for all clubs by the time the 2024 league year starts Wednesday afternoon.
Regardless, Denver is almost assuredly not done working its cap picture over the next few days.
Patrick came back quickly from the Achilles injury thanks in part to the same advancements in the operation that others like New York Jets quarterback Aaron Rodgers had performed by Dr. Neal Elattrache. By the end of the regular season, Patrick was seen regularly in Denver’s facility running and cutting during intense workouts.
The 30-year-old receiver was drawing interest from several other teams, a source told The Post, but the interest in making sure he returned to the Broncos was mutual. He signed a threeyear, $30 million extension in November 2021 and has been paid $16.5 million over the past two years while not playing, according to Overthecap figures.