For those following the Von Miller saga, we knew the Broncos were scheduled to meet with Von and his representatives today.
We also know that the Broncos sent a revised proposal with around $61m in guarantees and also moved up the dates on which the third year of the contract would guarantee.
This apparently wasn’t enough as Miller and his agent have rejected the new proposal, according to NFL Network’s Mike Garafolo.
Broncos' latest offer didn't move needle much for Miller. Still work to do. Talks expected to continue thru wknd. https://t.co/tiD10T6inT— Mike Garafolo (@MikeGarafolo) July 8, 2016
The primary source of contention, per Getlin, continues to be the structure of the guaranteed portion of the contract and the payout over the first two-to-three years.
A new deal for Miller has been complicated, the source told Getlin, by the recent mega contracts signed by Eagles defensive tackle Fletcher Cox and Colts quarterback Andrew Luck. Cox landed $63.3 million in guarantees with $36.3 million up-front, while Luck reeled in $44 million at the signing with $87 million in guarantees.
This isn’t very surprising considering Fletcher Cox received $63m in guarantees with his 2018 salary guaranteeing in March of 2017 and a portion of his 2019 salary guaranteeing in March of 2018.
Really the best way to look at the guaranteed portion is by looking at it as a percentage of the total contract value. It seems that Von Miller’s camp wants the contract to have at least 61% of the contract guaranteed which matches Fletcher Cox’s deal and also Marcel Dareus’ deal.
However, since Cox’s total contract value is lower than Miller’s, 61% for Miller is around $70m in total guarantees. The Broncos are apparently offering closer to 54% guaranteed which is on par with the percentages of Ndamukong Suh’s contract.
There is also timing of the guarantees to consider as well.
So there is obviously still some work to do, but at least they are talking and things are moving. As reported above, talks will continue over the weekend. Expect more details of offers/expectations etc. to come out over the next few days.