The Denver Broncos have restructured right tackle Mike McGlinchey’s contract to create an additional $11 million in salary cap space, ESPN’s Field Yates first reported on Friday evening.
The Broncos took $13.875 million of McGlinchey’s base salary and converted it into a signing bonus, according to Spotrac.com. That signing bonus will be prorated over the next five years. To save cap space in 2024, Denver will have $2.775 million cap hits on McGlinchey’s contract each year from now through 2028 (the restructure added one void year).
McGlinchey’s base salary has dropped down to $1.125 million, but he’s not taking a pay cut because the signing bonus is paid up front. So the right tackle gets paid immediately and the Broncos get more cap flexibility.
Denver also restructured the contract of wide receiver Tim Patrick, a move that saved $8.375 million in cap space. Additionally, the Broncos cut safety Justin Simmons (saving $14.5 million) as well as tight end Chris Manhertz (saving $2.12 million). Denver also agreed to trade receiver Jerry Jeudy to the Cleveland Browns (saving $12.987 million).
After a flurry of restructures and roster moves, the Broncos are estimated to be about $30.57 million under the salary cap ahead of NFL free agency.
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