The Denver Broncos have been making significant moves to free up salary cap space, including releasing TE Chris Manhertz to save $2.12 million. They also restructured the contract of OT Mike McGlinchey, creating another $11 million in cap room. These moves, along with others, have allowed the Broncos to clear nearly $50 million in cap space, with around $31 million now available. Russell Wilson's potential $39 million cap hit is being analyzed in relation to the team's cap situation.
Moves coming left and right since Friday: ✅ Broncos trade WR Jerry Jeudy to Browns ✅ Russell Wilson visited Steelers ✅ Seahawks restructure contract with WR Tyler Lockett ✅ Chiefs re-sign DT Chris Jones to massive deal ✅ Patriots trade QB Mac Jones to Jaguars Follow… https://t.co/8NstLc1VMo
#Broncos in recent days cleared nearly $50 million of cap room. Now about $31 million under cap. If take the $35.4/$49.6 million split on Russell Wilson cap hit their cap number for this year stays same. If take $53/$32 million split then subtract $17.6 million from 2024 number.
With multiple transactions, contract restructures and trades within the past five days, the Broncos now have cleared nearly $50 million in salary cap space while adding two draft picks leading into to the start of the league year. https://t.co/NB2QZFOyRk
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.
At the very least, this is what it comes down to for #NYGiants, who have been open about signing a veteran QB: At $1.21M, Russell Wilson is going to be significantly cheaper than ANY veteran QB they could sign on the market. Trubisky is getting $2.75M from Bills. On the low…
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
Tight end Chris Manhertz on being cut by #Broncos: "It’s out of my control. I’ve been conditioned to think that way. So it keeps a lot of stress off my plate when I put it that way and address things as they come. That’s where I’m at."
#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
In addition to the official release of Patrick Peterson and Allen Robinson, the NFL transactions page also shows the Steelers re-signed NT Breiden Fehoko.
Today's releases of CB Patrick Peterson & WR Allen Robinson opened up another $16.85M of cap space for the #Steelers, who now carry around $26M into the weekend. (more than enough to add a veteran minimum contract in the coming days). https://t.co/Kvhsfk3x4M
The Broncos have released TE Chris Manhertz.
At only $1.21 million for 2024 (Denver will pay the rest of his $39 million), it makes sense for anyone without a clear-cut No. 1 QB to be talking to Russell Wilson. https://t.co/Rrcb2f2kMh