Mike Klis perspective:

Agent Marty Magid said Broncos changed 2nd-yr $3.5 mil guar from full, to injury only. Broncos say that was discussed but never formal offer

— Mike Klis (@MikeKlis) March 15, 2013

As Broncos moved 2013 salary from $6.5 mil to $8 mil, 2nd yr guar went from full to injury only.

— Mike Klis (@MikeKlis) March 15, 2013

Broncos final offer made at 11 a.m. Deadline to accept put at 1 pm. Termination papers drawn up shortly thereafter

— Mike Klis (@MikeKlis) March 15, 2013

Dumervil accepted at 1:25. New contract emailed to Magid 1:31. He got it at 1:32. Magid said a number was wrong. Broncos fixed it, sent back

— Mike Klis (@MikeKlis) March 15, 2013

Magid in Philly; Elvis in Miami, Broncos in Denver. Elvis signed, faxed at 1:53, according to Magid. Broncos say it didn't show up til 2:06

— Mike Klis (@MikeKlis) March 15, 2013

Broncos emailed fixed number to Magid at 1:40. He said he got it at 1:42. Magid scanned, printed, reviewed signed sent to Elvis.

— Mike Klis (@MikeKlis) March 15, 2013

Deadline was 1:59. Broncos contract boss Mike Sullivan called Magid at 1:55 to say there's no fax, they got to release him.

— Mike Klis (@MikeKlis) March 15, 2013

There's been no contact between parties since. Dumervil a free agent and he has heard from teams. Again Elway: "The bottom line is our offer

— Mike Klis (@MikeKlis) March 15, 2013

Elway:"didn’t change from 11 oclock, or 1 o’clock Eastern to the time they decided to take the deal. By the time they decided they did not

— Mike Klis (@MikeKlis) March 15, 2013

Elway: give themselves enough time to send the signed documents back to beat the 2 o’clock deadline.’’

— Mike Klis (@MikeKlis) March 15, 2013

Will Broncos try to re-sign Elvis? Elway:"We’re going to talk about all our options. We’re going to let things settle down, see what happens

— Mike Klis (@MikeKlis) March 15, 2013

Here is an updated article regarding this situation from Mike Klis.

Now here's the official press release from John Elway himself:

“For the last week, Elvis Dumervil and his agent were aware of our desire to change the financial terms of his contract to ensure he would remain a Denver Bronco. After numerous conversations with both Elvis and his representative, we submitted our final contract proposal to Elvis today at 11 a.m. MDT. Based on our previous discussions, we believed our offer was fair and were hopeful it would resolve this matter.

“Due to the procedural elements that were involved in executing the new proposal, we imposed a 1 p.m. MDT deadline for a decision, one hour before the NFL’s waiver wire at 2 p.m. MDT. Our deadline was clearly communicated to Elvis’ representative.

“At 1 p.m. MDT, we were informed by Elvis’ representative that he declined our offer. We then prepared Elvis’ termination notice to officially file his release with the NFL office.

“At approximately 1:25 p.m. MDT, however, we were informed that Elvis changed his mind and accepted the same contract we proposed nearly two-and-a-half hours earlier. Although we expressed our concern regarding the time constraints, we were assured that the signed documents would be submitted to us before the league’s waiver deadline.

“We did not receive the documents from Elvis by the league’s deadline and were forced to release him shortly before 2 p.m. MDT.

“Due to this situation, there are now salary cap implications associated with this transaction that we must consider with regard to potentially re-signing Elvis. At this moment, we are discussing all of our free-agency options to determine what’s best for the Denver Broncos.”

Here is what Cecil Lammey has tweeted in the last few minutes:

Elway "At 1pm MDT, we were informed by Elvis’ representative that he declinedour offer. We then prepared Elvis' termination notice.." 1of2

— Cecil Lammey (@cecillammey) March 16, 2013

Elway continues "we imposed a 1 p.m. MDT deadline for adecision....Ourdeadline was clearly communicated to Elvis’ representative."

— Cecil Lammey (@cecillammey) March 16, 2013

Elway "At 1pm MDT, we were informed by Elvis’ representative that he declinedour offer. We then prepared Elvis' termination notice.." 1of2

— Cecil Lammey (@cecillammey) March 16, 2013

"At approximately 1:25pm MDT we were informed that Elvis changed his mind & accepted the same contract we proposed nearly 2 1/2hrs earlier."

— Cecil Lammey (@cecillammey) March 16, 2013

Elway "We were assured that the signed documents would be submitted to us before the league’s waiver deadline."

— Cecil Lammey (@cecillammey) March 16, 2013

“We did not receive the documents from Elvis by the league’s deadline and were forced to release him shortly before 2 p.m. MDT." #broncos

— Cecil Lammey (@cecillammey) March 16, 2013

Elway "At this moment, we are discussing all of our free-agencyoptions to determine what’s best for the Denver #Broncos.”

— Cecil Lammey (@cecillammey) March 16, 2013

There's already been a lot of back and forth. My personal opinion (which is just that---my personal opinion) is that Doom's agent screwed the pooch on this one and any counterclaim to what the Broncos have to say is purely for damage control purposes. Furthermore, it can be thought he purposefully messed things up thinking he could catch the Broncos without a back-up plan. Think about it, if the Broncos would not have released Elvis by the 2:00PM deadline, they would be on the hook for 12 million guaranteed. Elvis is apparently irate, his agent in damage control. I know who I believe in the situation---who do you believe?