The Denver Broncos restructured wide receiver Tim Patrick’s contract this week to create additional salary cap space, according to ESPN’s Field Yates. After restructuring Patrick’s deal, the Broncos created $3 million in cap space.
Patrick was set to have a base salary of $8 million this year and Denver converted $6 million into a signing bonus, according to The Denver Post‘s Parker Gabriel. That signing bonus will now be prorated into $3 million cap hits in 2023 and 2024, instead of a full $6 million this year.
After getting that bonus, Patrick’s base salary drops to $2 million in 2023. He is now set to have a cap hit north of $16 million in 2024, the final year of his contract.
If the Broncos cut the veteran receiver next spring, the team would eat $6 million worth of “dead money” with a net savings of $10 million. Patrick, who will turn 30 in November, will miss the entire 2023 season with a torn Achilles, so it’s possible that he’s played his last game in Denver.
NFL teams were required to be under the salary cap ahead of Thursday’s season opener. Going forward, players on the active roster, practice squad and injured reserve all count against a team’s cap number. During the offseason, only the top 51 cap hits are counted.
Any cap space the Broncos do not use this year will roll over to be added to the team’s 2024 cap total. They have a little breathing room now after adjusting Patrick’s contract.
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