According to 9News’ Denver’s Mike Klis, the Denver Broncos reworked the contract of wide receiver Tim Patrick to create roughly $4.6 million dollars in cap space.
George Paton and the Broncos are up to something.
Source: WR Tim Patrick converted $6.9M of his roster bonus to signing bonus, a move that saves the Broncos roughly $4.6M in cap space.— Mike Klis (@mikeklis) March 18, 2022
Wherever it comes from, Patrick still gets $8.5M total this year. Broncos still need a CB or two, George Paton said, so this will help. #9sports
During the Randy Gregory introduction presser, Paton fielded some questions and said that cornerback remains a top priority for the team as they move through free agency. However, they were getting tight on cap space, however, this move gives them some more wiggle room to bring in someone.
He also said during the presser that he has been in talks with the representatives of cornerback Bryce Callahan and safety Kareem Jackson. Callahan would give the Broncos the slot corner they desperately need and Jackson, who still is playing at a high level, can help the Broncos secondary continue playing at a high level.
With that said, there are still some intriguing names left on the free-agent market. Stephon Gilmore who is rumored to be a favorite for the Raiders is the top corner and defensive back available. You also have former Chiefs safety Tyrann Mathieu who could handle multiple positions for the Broncos defense. Also, someone like Donte Jackson, who will cost much less than the others could be an option as well.
I know many want former Cowboys tackle La’el Collins, but he’s currently visiting Cincinnati and may not leave there without a deal. Paton mentioned he’s not done adding there but also listed the draft as a potential option here as well.
Either way, the Broncos are far from done adding to their roster and a new signing or re-signing, likely a bigger one could be dropping soon,