Before Demaryius Thomas
Before the Franchise Tag that was placed on Demaryius, the Broncos had a team cap of 149.504 million, expenditures of 131.274 million and approximately 29.2 million in cap space.
After Demaryius Thomas
With the salary cap number for Wide Receivers being 12.823 million, the Broncos currently have about 17.291 million left.
Peyton Manning (5.0 dead/16.5 cap savings)
Ryan Clady (1.8 dead/8.8 cap savings)
Britton Colquitt (1.5 dead/2.25 cap savings)
Manny Ramirez (166K dead/3.0 cap savings)
Bubba Caldwell (200K dead/1.35 cap savings)
If the Broncos need some more wiggle room to sign players, they can always get that money in house. Whether it be the eventual restructure of Peyton Manning's contract, or the restructures of players that have struggled to perform, there is plenty of loose change available to add to the coffers.
Perhaps my favorite moves would be to cut both Manny Ramirez and Bubba Caldwell, which would add an additional 4.35 million to the cap.
One thing to remember about Demaryius, once a new deal is agreed upon, that new deal is what will count against the cap. Meaning that a well structured deal could in fact save the Broncos millions of dollars on the cap this season or the next. Think of Chris Harris Jr.'s deal only being worth 3 million on the 2015 cap despite an average annual value of about 8.5 million.
AFC West Watch
55.7 million cap space
CB Carlos Rogers
RB Darren McFadden
C Stefen Wisniewski
-5,756,057 in the red
LG Mike McGlynn
C Rodney Hudson
30.29 million cap space
RB Ryan Mathews
WR Eddie Royal
CB Brandon Flowers
S Marcus Gilchrist
RB Ronnie Brown
CB Shareece Wright
Overall, the AFC is in pretty good shape sans Kansas City--who has all kinds of financial issues heading into 2015. The Chargers and especially Raiders are in prime position to pay some blue chip players to come be a part of their respective rosters.
The Broncos do not get into bidding wars. They have a number in mind for each player they pursue, and once that number is surpassed, the interest goes away. This season, it may be wise for the Broncos to take care of most of their own free agents while stowing a little cash away for next season's impending FA class that will include Von Miller.