Denver Broncos updated salary cap space: $6 million

Mark J. Rebilas-USA TODAY Sports

The Broncos were one of the big spenders in the first week of free agency, but they still have some flexibility in cap space in 2014.

The Denver Broncos salary cap stands at $5.95 million, according to the NFL Network's Albert Breer. While Overthecap.com and the NFLPA each have the Broncos at $7.6 million in cap space, it's hard to ignore Breer, who likely has the NFL's numbers.

This is the point in time where the Broncos have to weigh aggressiveness in free agency now against roster flexibility down the road. Do they continue to pursue free agents in March? Or do they stay put, giving themselves the cap space to execute a trade later in the offseason or season, should they need to due to injury?

Or maybe they wait until the draft to see how they fill their remaining holes, smaller as they might be, on the offensive line and linebacker positions. Recall that it was only a year ago that the Broncos, after missing out on an edge pass rusher in the early rounds of the 2013 NFL draft, signed free agent OLB/DE Shaun Phillips in the middle of the fourth round.

John Elway is a man who likes to have options. $6-8 million in cap space gives him some options.

But the Broncos have even more options to make cap room, should they need to. Tight ends Jacob Tamme and Joel Dreessen each played limited roles with the Broncos in 2013, yet each is set to make over $3 million this season. Releasing Tamme or Dreessen would free up $3 million and $2.5 million in cap space, respectively. The Broncos could also try and work out a contract restructure with Peyton Manning as they did last year, should they absolutely need to.

For the most part, it seems the big signings are over for the Broncos. The spending spree at Dove Valley might be done simply because the Broncos don't have the cash to burn.

But, to John Elway's benefit (and to his credit), the Broncos have options to find more.

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