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Despite releasing quarterback Russell Wilson, the Denver Broncos have found ways to create cap space ahead of the 2024 campaign.
ESPN analyst Field Yates reported that the Broncos have restructured the contracts of defensive lineman Zach Allen and left guard Ben Powers.
“The Broncos continue to clear significant cap space, restructuring the contracts of DL Zach Allen and G Ben Powers to clear just shy of $20M of 2024 space,” Yates posted to X on March 12. “Despite the massive dead cap hit they’ll have with Russell Wilson, Denver is still in a position to spend this week.”
Per Mike Klis of 9NEWS Denver, the Broncos converted $28.5 million of salaries to Powers and Allen to a pro-rated bonus of $14.25 million each. Denver also added two void years for Powers and three for Allen.
This means the team has created significant wiggle room to spend in free agency moving forward. Klis mentioned the Broncos now have $43.05 million in cap space, the ninth-most in the NFL entering the second day of free agency.
Both players signed with Denver in March 2023. Allen started all 17 games and recorded 60 tackles, five sacks and a forced fumble in those appearances.
Powers also started every game for the Broncos last season and is under contract through 2026.
Could Russell Wilson Lure Justin Simmons to Pittsburgh?
The leadup to free agency was not kind to Denver as the team cut All-Pro safety Justin Simmons on March 7.
The Pittsburgh Steelers signed Wilson to a one-year deal after his Broncos release. Noah Strackbein of All Steelers for FanNation wondered if Simmons could follow Wilson to Pittsburgh.
“Simmons, alongside Minkah Fitzpatrick, may give th
e Steelers the best safety duo in the NFL,” Strackbein wrote on March 12. “And with Wilson looking to win a Super Bowl – and his salary proving that – why not make the pitch to bolster Pittsburgh’s defense with another Broncos superstar?”
Following news of Simmons’ release, Wilson posted a classy message to his former teammate on X.
Simmons was named a Second-team All-Pro four times during his eight-year run in the Mile High City. He led the NFL with six interceptions in 2022 and has the most interceptions since entering the league in 2016 (30).
Broncos Running Out of Free Agent QB Options to Replace Wilson
Being relatively quiet on the first agency could inevitably haunt the Broncos. Denver is running out of quarterback options to replace Wilson in 2024.
Potential Broncos target Sam Darnold signed with the Minnesota Vikings on March 11, according to Ian Rapoport and Tom Pelissero.
NFL on CBS insider Jonathan Jones reported that Denver had discussed acquiring Darnold and New York Jets backup Zach Wilson.
The available options under center are becoming sparse for head coach Sean Payton. Klis wrote in his March 11 article that available free agent quarterbacks include Jimmy Garoppolo, Ryan Tannehill and Mason Rudolph.
If the Broncos cannot find a veteran on the open market, the NFL draft also presents an opportunity to add a QB. Denver has the 12th overall pick and could be in position to land one of the top rookie prospects.
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