Broncos have created positive salary cap room: Tracking each transaction

The Denver Broncos have made some moves to be in a position to spend some money when the new league year opens on Wednesday. Are there more moves still to come?

Oct 1, 2023; Chicago, Illinois, USA;  Denver Broncos tackle Mike McGlinchey (69) blocks against the Chicago Bears.
Oct 1, 2023; Chicago, Illinois, USA; Denver Broncos tackle Mike McGlinchey (69) blocks against the Chicago Bears. / Jamie Sabau-USA TODAY Sports

The Denver Broncos went into this offseason sitting way in the red in terms of the salary cap. In order to be a player of any sort when the free-agent market opens this coming week, the team knew it needed to make some moves.

Some of those moves were difficult while others were expected. But with all of the moves the team has made in recent days, the Broncos currently have about $18.3 million in available cap space, according to Over the Cap.

There could be more moves coming too. Everyone has heard about Russell Wilson and Justin Simmons no longer being part of the roster, but here are the rest of the moves that the team has made in recent days.

Mike McGlinchey- Restructured contract: This was a move that was discussed as a possibility and the team has now made it official. McGlinchey, who was signed to a huge deal in free agency last year, has agreed to a restructured contract that saw $13.875 million of his 2024 salary converted into a signing bonus. This move cleared $11.1 million in cap space.

Tim Patrick- Restructured contract: It seemed like a sure thing that the Broncos would release Patrick, who has not played in two years. But instead, the team agreed to a new 1-year deal with him that will pay him the league minimum $1.205 million in 2024 rather than the $9.5 he was due. This was a very team-friendly move by Patrick, but he also knew he wouldn't have much of a market, if any. This move saved the team a little over $8 million in cap space.

Re-signed Quinn Bailey: The Broncos will bring back Quinn Bailey, a reserve rotational offensive lineman who will make just over $1 million this coming season. This could be a sign that Cam Fleming won't be brought back.

Cut Chris Manhertz: After just one season in Denver, the Broncos have decided to release tight end Chris Manhertz. Used mostly as a blocker, Manhertz caught just two passes in 2023. His release saves the team $2.1 million in cap space.

Jonathan Harris not tendered a new contract: Harris, a rotational defensive lineman who has made some starts for the team, was not tendered a new deal, which would have paid him $2.9 million in 2024. This makes him an unrestricted free agent, free to sign with any team.

Next. Worst Contracts. Broncos' worst contracts following Justin Simmons' release. dark

There are still names on the roster to watch for in the coming days, including Garett Bolles and wide receivers Jerry Jeudy and Courtland Sutton. But the Broncos are trimming things down the best that they can in order to be able to make some moves in free agency.