The Denver Broncos are definitely going to be making some moves to clear some cap space this offseason, as they are currently in the negatives. According to Over The Cap, the Denver Broncos are roughly $24 million over the 2024 cap numbers, so they have no choice but to erase that overage this offseason.
There are a few ways they can do that. Cutting players usually creates cap space. Trading players can create cap space, and restructuring contracts can also create cap space. And I think the Broncos can participate in all three of those scenarios this offseason. In this article, let's focus on three players who could have their contracts restructured this coming offseason.
1. Mike McGlinchey, RT
Someone who could still cement the right tackle position for the Denver Broncos was their biggest free agency signing last year, literally and figuratively. Mike McGlinchey is one of the tallest players in the NFL and was a first-round pick of the San Francisco 49ers back in the 2018 NFL Draft. McGlinchey signed a five-year deal with the Denver Broncos last offseason and was an up and down player.
I think his entire body of work in 2023 could be considered average. However, his contract has an average annual value of $17.5 million, which is top-tier money for the right tackle position. McGlinchey was not playing like a top-tier right tackle in 2023, but I do think he can end up being a solid piece along the OL in the future.
Well, the Broncos are stuck with him for at least three years, and according to Over The Cap, the Denver Broncos can create $10,406,250 in cap space by restructuring McGlinchey's contract. This would be nearly half of the Denver Broncos cap overage in 2024.
2. Zach Allen, DE
I truly think the only player along the defensive front (not including inside linebackers) who is safely a starter in 2024 is Zach Allen. The Broncos' outside pass rushers and the other two defensive line positions are up in the air, in my opinion. Zach Allen continued his solid career in 2023, racking up five sacks, 60 total tackles, eight tackles for loss, and 24 QB hits.
Allen has statistically improved each year of his career, and he's spent each year playing in Vance Joseph's defense. I think if the Denver Broncos can shore up their defensive front in 2024, Zach Allen can be a 10+ sack, 30 QB hit player, which would be production on par with the elite defensive players in the NFL.
He's also set to be just 27 years old when the 2024 NFL Season kicks off. Contractually, Zach Allen initially signed a three-year, $45,750,000 million deal with $32,500,000 fully guaranteed. It's a big contract for a very good young player. If the Denver Broncos decide they want to restructure Allen's deal, it could save them $9,416,667 on their 2024 cap, which is significant savings.
Combining the cap savings from restructuring McGlinchey and Allen's deal, the Denver Broncos could save $19,822,917 on their 2024 cap. Their cap overage according to Over The Cap at this moment is ($24,113,824). So the Broncos would be just ($4,290,907) over the cap, which would be very easy to erase.
3. Ben Powers, LG
You'll notice that the three contracts I am listing that the Broncos can restructure this offseason are three players who all signed with the team last offseason. Another player Sean Payton signed to shore up the offensive line was Ben Powers. Powers originally began his career with the Baltimore Ravens back in 2019.
Powers was solid in his first year with the Broncos. He signed a four-year, $52,000,000 deal with the Denver Broncos in 2023 with $27,000,000 guaranteed. Powers is under contract through the 2026 NFL Season if the Broncos don't cut or extend him before that. If the team were to restructure his pact with the team, they'd save $7,250,000 on their 2024 cap number.
The Broncos starting offensive line of Garett Bolles / Ben Powers / Lloyd Cushenberry / Quinn Meinerz / Mike McGlinchey was among the better units in the NFL this year, and the starting unit was remarkably healthy in 2023.
I think ideally, the Broncos bring back all five players, but the statuses of Bolles and Cushenberry are up in the air for 2024 and beyond. I don't think it's out of the question that the team ends up losing both Bolles and Cushenberry this offseason. Bolles is a very logical trade candidate for the Broncos and Cushenberry is a free agent.
Anyway, the Broncos could save over $7 million by restructuring Ben Powers' contract, so their cap space after making these three moves would be $2,959,093. This isn't much cap space at all, but the Broncos could still create a bunch more with releases, trades, and extensions.