The Denver Broncos have undertaken significant financial maneuvers, releasing veteran safety Justin Simmons and tight end Chris Manhertz, alongside restructuring the contracts of offensive tackle Mike McGlinchey and wide receiver Tim Patrick. These moves have collectively freed up approximately $49M in salary cap space for the Broncos. Simmons, who would have counted $18.3 million against the cap, and Manhertz, whose release saves $2.12 million, are part of a broader trend of NFL safeties being released, raising questions about the devaluation of the safety position in the league. The restructuring of McGlinchey's contract alone has created an additional $11 million in cap room, with his base salary now set at the minimum $1.125 million after converting a significant portion of his salary into a signing bonus. These strategic financial decisions come as the Broncos prepare for the tampering period with around $28M of Top 51 cap space to operate with, according to Spotrac.
The #Broncos have now freed up $49M of 2024 cap space with: - Justin Simmons' release - Mike McGlinchey's conversion - Tim Patrick's restructure - Chris Manhertz's release They approach the tampering period with around $28M of Top 51 cap space to operate with.
Updated: Broncos create more than $21 million in cap space with flurry of moves including pay cut for WR Tim Patrick, releasing TE Chris Manhertz https://t.co/WzfNb1cXZi
A recap of a busy #Broncos day: They save $21 million on salary cap with restructuring of WR Tim Patrick, T Mike McGlinchey deals, release of TE Chris Manhertz/QB Russell Wilson visits Giants, Steelers/OL Quinn Bailey back for Broncos/NFL draft order set: https://t.co/aJpu8LuMTR
Salary-cap analyst Jason Fitzgerald of OvertheCap now has #Broncos at $18.38 million under the salary cap.
#Broncos today alone carved out about $21 million in salary-cap room with moves on Tim Patrick, Mike McGlinchey and Chris Manhertz. They carved out $14.5 million yesterday with release of Justin Simmons. That's more than $35 million in two days and it's still only 4:55 p.m.
Broncos restructure the contract of Mike McGlinchey. https://t.co/VgJAean3eR
Mike McGlinchey restructure saves #Broncos $11.1 million on cap. He was due to make $15 million base salary in 2024 & had 4 years left on deal Broncos made standard move by converting $13.875 million of it to signing bonus & added void year. Base salary now $1.125 million minimum
#Broncos make this move on Mike McGlinchey and save more than $10 million on salary cap. https://t.co/modf8R46TA
#Broncos release TE Chris Manhertz to save $2.12 million on salary cap. Manhertz said George Paton and Sean Payton called him today with the news and he was surprised. He said he didn't expect to sign a two-year contract last March and be cut after one: https://t.co/Eoag2Fz1Xi
#Broncos TE Chris Manhertz was told by Sean Payton and George Paton about why he was cut. "I understand that there’s cap constraints and moves that have to be made. I think that’s pretty evident."
And more cap space for Denver, as the team did a simple restructure of the contract of OT Mike McGlinchey, creating another $11M in room. https://t.co/6uKTYYfSdr
#Broncos TE Chris Manhertz said Sean Payton and George Paton called him today to say he was cut and he was surprised: “Yeah, I mean I signed a two-year contract (last March) and it’s not like I planned to play here one year and get cut. I don’t plan for that.”
#Broncos indeed have released Chris Manhertz to save $2.12 million on salary cap. I just talked to him and will post some quotes. https://t.co/yyepuYexyl
Broncos release Chris Manhertz. https://t.co/E1onugiPfK
Justin Simmons' release isn't just collateral damage from the Russell Wilson debacle in Denver, but the latest sign of a shifting of priorities in the NFL that's resulted in a surplus of safeties flooding the free agent market. https://t.co/h8TZSZUunD
The Broncos have released TE Chris Manhertz.
Why are so many NFL safeties being cut? The Broncos’ decision to release Justin Simmons points to a bigger, deeper trend. The supply is in line to outweigh the demand, which could drive down the value of the position. @jeffphowe on the market ⤵️ https://t.co/GlE4jKsdHu https://t.co/0LlBEBa5xI
Justin Simmons is a fascinating box/slot/free player. I'd almost call him an adventurer or a roamer; he has enough on-field acumen to do things in structure with anarchy that not a lot of safeties can get away with. You have to want that, but if you do... he's a nice fit. https://t.co/7gIMN2ZdSK
It’s notable that Justin Simmons would’ve counted $18.3M against the cap before Denver released him. The Eagles haven’t *totaled* more than $10M in safety spending since 2019, and they released Kevin Byard before he’d count $14.4M. Will that change? https://t.co/xmFbtBbChf
"The market got too high for the position’s impact overall." @jeffphowe with an interesting look at why more than $100 million in salary at the safety position has been shed over the last week: https://t.co/dVDU4QxKZR
Why are so many NFL safeties being cut? Will their market vanish like it did for RBs? ⤵️ https://t.co/3KBktawEWs
Why are safeties being devalued in a league that is increasingly about the passing game? From @jeffphowe. https://t.co/tRNklPUuJB
Why are so many NFL safeties being cut? Will their market vanish like it did for RBs? https://t.co/zYYH7pQXWJ
Veteran safety Justin Simmons, who played under new Eagles defensive coordinator Vic Fangio, was released by the Broncos on Thursday. Here's more on Simmons and other free agents with Fangio ties the Birds could pursue. https://t.co/sI2qagKFkj
Justin Simmons' Broncos legacy: Picks, community impact and always facing music ⤵️ https://t.co/dT0Y6EJy24