Denver Broncos 2021 cap space after Garett Bolles contract
Denver Broncos 2021 cap space after Garett Bolles’ new contract.
The Denver Broncos locked up one of their key 2021 free agents over the weekend, and it was a piece of news that got buried extremely quickly after the debacle that was the quarterback situation.
Left tackle Garett Bolles signed a four-year extension worth $68 million, and the details of that contract have begun emerging publicly.
According to Ryan O’Halloran of the Denver Post, Bolles’ contract — even though it’s worth $17 million in average annual value — will cost the Broncos just $5 million against the 2021 salary cap.
Why is that important?
Well, this article from former NFL executive Scott Pioli outlines a number of reasons why.
If the NFL’s salary cap decreases this offseason from just under $200 million to the estimated floor of $176 million, franchise tagging Bolles would have been quite difficult as it would have represented a substantial percentage of the Broncos’ overall cap space.
The Broncos have been clinging tightly to their available cap space, and according to Spotrac.com, they are presently projected to have over $30 million in cap space with the assumed salary cap floor of $176 million.
What does Bolles re-signing at $17 million average annual value do to that number?
With O’Halloran’s report factored in, the Broncos’ available cap space assuming a cap floor of $176 million would roughly be $25 million.
Keeping in mind this number has not been made official by the NFL, this is very good management by the Broncos, especially considering they obviously hope to retain safety Justin Simmons.
Simmons is eligible for the franchise tag for a second consecutive year, but using the logic above, spending such a substantial percentage of your available cap on the franchise tag in 2021 might not be the greatest use of resources.
Getting Bolles on a low cap hit in 2021 is massive for the Denver Broncos because it keeps their salary cap flexible in a year where cap space will be precious.
The other critical factor here for the Broncos is that the team could have exercised Bolles’ fifth-year option last offseason, something that would have counted nearly $11 million against the 2021 salary cap and guaranteed for injury.
When Bolles proved this season that he had truly turned a corner with his play, many fans were complaining that Bolles was going to cost the Broncos way more now than he would have with just picking up the fifth-year option.
In the end, the Broncos cut the 2021 fifth-year option number more than in half and also got Bolles at a good value for where the market is currently sitting (elite players getting $20 million or more AAV).
This low 2021 cap number increases the chances that the Broncos will be able to keep Justin Simmons around over the long-term, especially with the young offensive core on rookie contracts.