Asked earlier this week about the Broncos’ money issues, NFL analyst and former Denver star guard Mark Schlereth said, “You can flip that cap number in a heartbeat.”
That’s pretty much what the Broncos have done.
The Broncos entered Thursday at about $17 million over the $255.4 million salary cap and after Friday they were about $18 million under the cap.
On Thursday, the Broncos saved $14.5 million on the cap by releasing star safety Justin Simmons. And on Friday they made moves to save about $21 million.
The Broncos on Friday saved about $8 million on the cap by reworking the contract of wide receiver Tim Patrick, saved $11.1 million by restructuring
tackle Mike McGlinchey’s deal and $2.12 million by releasing tight end Chris Manhertz.
“I understand that there’s cap constraints and moves that have to be made,’’ said Manhertz, released with a year left on his contract. “I think that’s pretty evident. It’s a business.”
The Broncos announced last Monday that they will release quarterback Russell Wilson by Wednesday’s start of the NFL new league year, when they must be under the salary cap. They will incur an $85 million cap hit over the next two years on Wilson.
The Broncos will make Wilson a post-June 1 cut designation. If they take a $35.4 million cap hit in 2024 and a $49.6 million one in 2025, their cap situation will remain unchanged.
Patrick, who missed the past two seasons with injuries, was on the books for a nonguaranteed $9.5 million and would have been released had he not agreed to take a significant pay cut.
His new deal is for the league minimum of $1.205 million with the ability to earn $10,000 per game in roster bonuses for a possible additional amount of $170,000.
Patrick missed the 2022 season after suffering a torn ACL in an Aug. 2, 2022, practice during training camp.
Then he missed all of last season after suffering a torn Achilles in a July 31, 2023, practice in training camp.
However, he is said to now being doing well from a health standpoint.
Patrick was first with the Broncos on the practice squad in 2017 after being undrafted out of Utah. Then he caught 143 passes for 2,009 yards from 2018-21.
The move made on McGlinchey was a standard conversion of his base salary to a signing bonus.
McGlinchey was due to make a $15 million base salary in 2024 and had four years left on his deal.
The Broncos converted $13.875 million of that amount to a signing bonus, and he will make the minimum of $1.125 million in 2024.
A void year was added to his contract, enabling the signing bonus to be spread out over five years.
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