The contract details for Case Keenum have been released and the Denver Broncos made a strong commitment to Keenum in their two-year, $36 million offer.
Case Keenum's Broncos deal is for two years, $36M, of which $25M is fully guaranteed at signing. He gets a $6M signing bonus, a fully guaranteed $8M 2018 salary and a $4M 2018 roster bonus. His $18M 2019 salary is guaranteed against injury, and $7M of it is guaranteed at signing.— Dan Graziano (@DanGrazianoESPN) March 16, 2018
The $6 million signing bonus means the Broncos will take a $15 million cap hit in 2018 and a bigger $21 million cap hit in 2019, but with the dead cap sitting at $10 million in 2019 it is unlikely the team will even consider moving on from Keenum before the end of his two-year deal.
The likelihood of the Broncos taking a quarterback in the 2018 NFL Draft is still high, but with the potential draft pick having two years to sit it could open some doors for a project quarterback like Josh Allen who would need some time to develop.
That $7 million full guarantee in 2019 means this is ironclad 2-year deal for Case Keenum. Can't imagine Broncos making solid, 2-year investment in Keenum and then drafting a QB with No. 5 overall pick. That No. 5 pick would have to sit 2 years. But ... you never know. #9sports— Mike Klis (@MikeKlis) March 16, 2018
It will be interesting to see how the team proceeds with their draft plans.
Keenum is now the highest paid player on the team from a cap space standpoint, eating up 9.72% of total cap space. The move leaves the Broncos with $25.1 million in total cap space once you account for draft picks and restricted free agents. That number includes all of their free agent signings now, except for cornerback Tramaine Brock.
That leaves the Broncos with a big chunk of change for potential moves in free agency or even trades. John Elway may not be done quite just yet.