Broncos create cap space with Friday moves

With some cap space, the Denver Broncos can now go shopping.

They can’t break the bank just yet, mind you. And the trip to the NFL’s market won’t be like a budget-blasting excursion to Nordstrom. Perhaps there may be one luxury item coming aboard, but in Sean Payton’s second trip to the free-agency mall, the Broncos will be looking for great values.

But by restructuring Mike McGlinchey’s contract — along with other moves — the Broncos have cap space, which puts them in projected compliance as the new league year begins.

The restructure of McGlinchey’s contract — as first reported by ESPN’s Field Yates — created $11 million of cap space. This move made sense, as the Broncos anticipate the big-ticket free-agent signee of their 2023 crop to be holding down the fort at right tackle through at least the 2026 season. It was a move I proposed when noting last month how to create enough space to get into free agency.

ALL THE CAP SPACE THE BRONCOS CREATED THIS WEEK

First, Russell Wilson’s contract only alters the 2024 cap if the Broncos choose to take a hit of $53 million, which would add roughly $17.6 million to their cap figure for Wilson this year. If the Broncos keep Wilson’s accounting on the current terms, he’ll count $35.4 million against the 2024 cap and $49.6 million against the 2025 cap.

Now, the Broncos can take the $53 million 2024 hit if they so choose.

Here’s how things went this week:

• Justin Simmons: $14.5 million saved on the cap by cutting him.
• Tim Patrick: Reduced cap figure by $8.295 million.
• Mike McGlinchey: $11 million saved on the cap by his restructure.
• Chris Manhertz: $2.12 million saved on the cap by cutting him.
• Quinn Bailey: Signed 1-year, $1.055 million contract.

Total savings: $34.86 million

According to OvertheCap.com, the Broncos have $18,383,445 of cap space. Assuming the $53 million Wilson hit for this year would leave them with $783,445 of cap space. They can’t do much with that. But at least they’d be in compliance when the new league year begins.

But if they take the bigger Wilson hit in 2025, that $18.3-million-plus can immediately go toward keeping kicker Wil Lutz, re-signing safety P.J. Locke and bringing in another quarterback.

The Broncos probably aren’t done. And they have until 2 p.m. MDT on March 13 to be in line when the new league year officially begins, so, expect more moves between now and then.

But with Friday’s work, the Broncos took care of the first priority: Getting on the happy side of cap compliance.