A myth that I've seen some within Broncos Country say is that the team won't have cap space in 2024. Well, I'm here to tell you how untrue that really is. The Broncos are going to be in a bit of a cap crunch in 2024, but that is OK. In fact, over the last several offseasons, we have seen teams get creative to free up cap space. The New Orleans Saints have constantly kicked the can down the road with their cap situation, allowing them short-term financial flexibility.
Well, the Broncos don't necessarily have to hurt their future cap situations, as they can smartly create cap space in 2024. Right now, the 2023 Broncos look like a team that can spark a bit of a contender in future seasons. The Broncos are still very much alive in the NFL playoff race, and if they can win out against three weak teams in the next three weeks, they'd be 10-7 and likely in the postseason.
It would then make sense for the Broncos to double down on their 2023 success, be active in free agency once again, and try to load up on what could be a legitimate playoff team. In order for them to do that, they need to create some cap space in 2024, and making these moves can help them get there.
Broncos have a clear path to create massive cap space in 2024
All numbers will come from Over The Cap. According to OTC, the Broncos are projected to have NEGATIVE cap space in 2024: -$18,113,257. This isn't good, but it's not an impossible hurdle to jump over. I put together a two-tweet thread detailing how I'd get into the positives to give Denver some money to spend:
OTC projects Broncos to have -$18,113,257 in cap space in 2024, so if they made these exact moves, they should have $46,705,743 worth of cap space.
— Lou Scataglia (@LouScatagliaPO) December 20, 2023
I put together a series of hypothetical moves the Broncos can make to get themselves over the cap amount. I made two post-June 1st releases in DT DJ Jones and WR Tim Patrick. Jones' cap hit in 2024 is nearly $13 million, which is just unacceptable given his production. Jones provides little to no pass rush from the interior and excels at stopping the run. However, the Broncos have the worst rush defense in the NFL this year, so I am not really sure what Jones is doing for the Broncos at this point.
With $10 million worth of cap savings available by moving on from Jones, the Broncos make that decision. The next release is WR Tim Patrick, who has not played in a game since 2021. He's missed two straight seasons with ACL and Achilles injuries and will have a $16 million cap hit in 2024. Again, that is unacceptable, so I think the Broncos cut Patrick but also have an interest in bringing him back on a much cheaper deal.
Right there saves the Denver Broncos $20 million in 2024 cap space, so the team is already in the positives. I then made one trade, Jerry Jeudy. Jeudy has been hot and cold during his Broncos' tenure and still has one more year left on his deal, as his fifth-year option was picked up. At this point, the Broncos need to take what they can get in a potential trade, and a trade saves the team almost $13 million.
To finish off the moves, I'd extend all of Courtland Sutton, Garett Bolles, and Justin Simmons. I think these moves should be pretty obvious. All three are having excellent seasons and are deserving of extensions. I'm not saying these need to be lengthy extensions, but modest two-ish-year extensions give the Denver Broncos insane cap relief and also compensates each player for their strong performances.
All three and their futures were seriously in doubt beyond 2023 after the 1-5 start, but now I think there is season to bring them all back in 2024 and beyond. Making these extensions would save the Broncos nearly $32 million, and with all of the moves and their cap savings added up, the Broncos would open up nearly $65 million worth of 2024 cap space. Since they're in the negatives to begin with, the team would have nearly $47 million in 2024 cap, which not only gets them out of the red but gives them plenty of flexibility.
Don't listen to those who say that the Denver Broncos don't have cap space in 2024.
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