According to ESPN’s Adam Schefter, the Denver Broncos are releasing outside linebacker Randy Gregory.
Sources: Broncos are releasing LB Randy Gregory. The team wants to focus on young players. Gregory will be a free agent.— Adam Schefter (@AdamSchefter) October 4, 2023
Gregory’s tenure with the franchise didn’t go as well as expected after signing a 5-year deal worth up to $70 million dollars during the 2022 offseason. He started off hot last year before suffering an injury and missing a significant amount of time and hasn’t been the same since. He only played in 10 games for the franchise.
The deal had $28 million dollars in guarantees over the first two years of the deal, so the Broncos will be saving a lot of money with respect to the salary cap the next several seasons. However, they will be absorbing a large dead money hit this year after sending him packing four games into the 2023, as well as some dead money in 2024—but will free nearly $10 million of cap space for next year.
The release of Randy Gregory leaves behind dead cap hits of $16.1M in 2023, & $6.3M in 2024.— Spotrac (@spotrac) October 4, 2023
The #Broncos free up $9.8M of 2024 cap space with this move.
The Broncos will now turn to Jonathon Cooper and Nik Bonitto as their main pass rushers on the outside the rest of the season. They have looked good to date and it appears the team is hoping for them to blossom and get more reps on the field. Additionally, Baron Browning should be back shortly and will give the Broncos more youth at the position. Frank Clark is expected to return from injury as well.
This is a breaking news situation and we will update the post as necessary.