The Denver Broncos have restructured wide receiver Tim Patrick’s contract, according to a report from KUSA-TV’s Mike Klis. Following the restructure, the Broncos are now under the salary cap, according to the Denver Gazette‘s Chris Tomasson.
Patrick agreed to decrease his base salary to the league minimum ($1.125 million), according to ESPN’s Field Yates. He can earn back an additional $1.205 million through incentives, plus $170,000 in per-game roster bonuses.
Patrick was set to have a base salary of $9.5 million in 2024 and a total salary cap hit of $15,571,668, according to OverTheCap.com. After taking a pay cut, Patrick’s total cap hit is $7,196,668.
Patrick entered the league as an undrafted free agent out of Utah with the Baltimore Ravens in 2017, but they cut him during training camp. Patrick then spent time with the San Francisco 49ers in preseason but failed to make their 53-man roster.
About two months after he had been cut by the Ravens and 49ers, Patrick signed with the Broncos’ practice squad. He spent the rest of his rookie season on the practice squad before emerging as a rotational receiver in 2018.
After two years of modest production, Patrick had a breakout from 2020-2021, topping 50 catches, 700 receiving yards and five touchdowns in each of those two seasons. Denver then rewarded the receiver with a three-year, $30 million contract extension ahead of the 2022 season.
Unfortunately, Patrick is yet to play a single down since signing that deal. The receiver first tore his ACL and missed the 2022 campaign. After returning, Patrick then suffered a torn Achilles and missed the entire 2023 season.
Now coming off back-to-back serious injuries, Patrick will turn 31 during the 2024 season. The receiver has earned just north of $25.3 million through seven seasons in the NFL. He’s set to stick around for at least one more season in Denver after agreeing to restructure his contract.
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