Even though so many people wrongly said the Denver Broncos do not have space, the team now sits close to $50 million with free agency well underway. On Tuesday morning, it was reported by Field Yates of ESPN that the Broncos restructured the contracts of Ben Powers and Zach Allen, two of their huge free agent additions last offseason.
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.
— Field Yates (@FieldYates) March 12, 2024
Despite the massive dead cap hit they’ll have with Russell Wilson, Denver is still in a position to spend this week.
And now, according to Over The Cap, the Broncos are approaching $50 million in cap space, which currently ranks as the 6th most in the NFL, according to their numbers. Why would the Broncos, who are apparently rebuilding, open up so much cap room? Could it be to lessen the blow of the dead cap with Russell Wilson's contract?
Could it be because the team plans on spending in free agency? The Broncos made one signing of an external free agent on Monday, and that was former Miami Dolphins safety Brandon Jones. The Broncos safety room seems pretty set at this point with Jones, PJ Locke III, and Caden Sterns as the top three players.
The team re-signed Wil Lutz and previously re-signed Locke III as well. The team still has huge holes across the roster, and some of these can be filled in the 2024 NFL Draft. However, I don't think the Broncos would have created this much cap space for nothing. I mean, they have nearly $50 million in room now, and if they were not planning on spending in FA , they would not have created this much, right?
To me, I now think the Denver Broncos are trying to copy the Houston Texans rebuild, which hinges a ton on hitting on a rookie QB. Before CJ Stroud got there in 2023 among their other rookies, the Texans roster itself was pretty strong and rather underrated. With a slew of modestly priced but talented veterans on their roster, bringing in a stud rookie QB accelerated their rebuild.
I think we could see the Denver Broncos try this method - they could surely bring in a plethora of talented, modestly-priced players over the next several days, which would all build to them taking a huge swing on a rookie QB in 2024. Making life as easy as possible for the rookie QB should be the team's priority, and I think this could be their path forward.
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