As the new league year and NFL free agency draws closer, the Denver Broncos will soon have to make a decision on veteran wide receiver Tim Patrick.
Patrick’s salary this season will be $9.5 million, but it’s not guaranteed. He also has a prorated signing bonus cap hit north of $6 million and a per-game roster bonus that brings his total 2024 cap hit to $15,571,668.
If the Broncos release Patrick, the team would eat $6,071,668 worth of “dead money” (that’s his prorated signing bonus), but the team would create a net savings of $9.5 million.
Alternatively, Denver could give Patrick a contract extension, a move that OverTheCap estimates would save about $6.7 million in 2024 cap space. The Broncos could also simply ask Patrick to take a massive pay cut.
If Patrick is not willing to reduce his base salary, Denver will likely release him. If the receiver does not draw a lot of interest from other teams (he’ll be 30 and coming off back-to-back serious injuries), the Broncos might be able to re-sign him on a one-year deal closer to the veteran minimum.
One way or another, whether it’s a release, extension or restructured contract, Denver seems likely to revise Patrick’s contract this offseason.
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