Broncos restructure WR Tim Patrick’s contract to get under salary cap

Tim Patrick has agreed to restructure his contract to remain with the Broncos in 2024.

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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Broncos players react to Russell Wilson’s release on Twitter

The Broncos are parting ways with Russell Wilson. Here’s how his teammates reacted on Twitter/X.

Russell Wilson’s release from the Denver Broncos, although expected, has sent shockwaves across the NFL landscape. Wilson came to the Broncos via trade in 2022 and then signed a five-year, $242.5 million contract.

He was expected to turn the Broncos back into playoff contenders, but after an 11-21 record and no playoff appearances, the writing was on the wall. Denver will take a big hit, too, with an unprecedented $85 million “dead money” cap hit.

While the media has had its day with the news, Broncos players have shared their opinions on Wilson’s departure.

Check out the slides to see their reactions on Twitter/X.

8 potential cap casualties for the Broncos ahead of free agency

The Broncos need to create more salary cap space and the contracts of these players could put them in danger of getting cut.

With the unofficial start of NFL free agency just over one week away, the Denver Broncos are more than $14 million over the salary cap.

The Broncos will need to free up cap space just to re-sign some of their in-house free agents. Denver will need to create even more cap space if the team is planning to target any pending big-name free agents from other clubs.

There are various ways the Broncos could free up cap space, including trading players, restructuring contracts and giving extensions to select players. The simplest option is making roster cuts.

Denver is expected to release quarterback Russell Wilson in the coming weeks, but that (expected) move will create “dead money” against the salary cap. There are several other players who the Broncos could cut this spring to actually create more cap space ahead of free agency.

Here are eight players to keep an eye on over the next two weeks. Potential cap savings reflect a cut with a post-June 1 designation (if applicable), with the numbers provided by OverTheCap.com.

Broncos need to make a decision on WR Tim Patrick

The Broncos could save $9.5 million if they cut wide receiver Tim Patrick this offseason.

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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10 players the Broncos could cut, trade or restructure to save cap space

The Broncos could save significant salary cap space if they cut, trade or restructure these 10 players ahead of NFL free agency.

With NFL free agency less than a month away, the Denver Broncos are pojected to be about $24 million over the salary cap. The Broncos will likely restructure several contracts to create more cap space, and the club can also cut or trade select veterans for additional cap relief.

We’re not listing quarterback Russell Wilson’s (expected) looming release below because that’s going to create a negative cap hit. To counter that “dead money” cap hit, we’ve put together a list of 10 other players that Denver could cut, trade or restructure (with help from OverTheCap.com for the numbers).

The NFL’s free agency negotiating window will open on March 11. The new league year (and full free agency) will begin on March 13.

5-step plan for the Broncos to get under the salary cap (with $35 million available)

The Broncos are projected to be $24 million over the salary cap this offseason. Here’s how they can fix that.

With the official start of NFL free agency (March 13) exactly one month away, the Denver Broncos are facing a salary cap dilemma.

The Broncos are projected to be about $24 million over the salary cap this offseason, so the team will have to get creative if they want to spend in free agency this spring. Denver can create more cap space through restructures, trades and player cuts.

With help from OverTheCap.com, we’ve come up with a five-step plan to get the Broncos under the salary cap with room to spare. These projected moves are made presuming that Denver will designate quarterback Russell Wilson as a post-June 1 release next month (which isn’t guaranteed, but seems probable).

If Wilson is cut and designed as a post-June 1 transaction, his salary cap hit won’t be different than his current 2024 cap hit ($35.4 million), according to OTC. So the team’s projected cap space factors in Wilson’s (expected) release.

Here’s how the Broncos can get out of the red this offseason.

10 players who might play their last game for Broncos on Sunday

The Broncos will need to get out of a salary cap hole in 2024, and these players might become cap casualties.

The Denver Broncos will wrap up their 2023 NFL season on Sunday when they face the Las Vegas Raiders on the road in Week 18.

Once the final whistle blows, the offseason will begin immediately for the Broncos, and coach Sean Payton and general manager George Paton are poised to have a busy spring with many challenging decisions.

Denver is projected to be $18 million over the salary cap in 2024, according to an estimate from OverTheCap.com, and that’s before potentially releasing quarterback Russell Wilson and creating an even bigger cap mess.

The Broncos will have to dig out of a salary cap hole this offseason, forcing the team to make some tough decisions. To become cap-compliant, Denver will likely have to part ways with multiple players either through cuts, trades or free agency.

Ahead of the team’s season finale, here’s a quick look at ten players who could play* their final game for the Broncos on Sunday. (*We’ve also included a few injured/benched players who could depart in 2024.)

Even on injured reserve, Tim Patrick remains a leader for Broncos

“He’s a guy that’s been one of our leaders,” Broncos QB Russell Wilson said of WR Tim Patrick.

Tim Patrick is set to miss the entire 2023 season on injured reserve with a torn Achilles, but he certainly hasn’t tuned out from the team’s season.

While the Denver Broncos were trailing the Chicago Bears 28-7 on Sunday, Patrick was motivating quarterback Russell Wilson on the sideline. Denver went on to launch a 31-28 comeback win.

“Tim Patrick and I were talking and he kept looking at me and we just said, ‘Hey, gave us too much time,'” Wilson recalled after the game. “That was the quarter, third mid-third quarter, fourth quarter. He’s a guy that’s been one of our leaders. Obviously down and hurt, but having that connection and him speaking to me, just a great belief.”

Patrick, who changed his jersey number while on IR, restructured his contract before the season started to give the Broncos more salary cap space. The 29-year-old veteran is a leader and team-first player. There’s no guarantee that Patrick will be brought back in 2024, but the receiver is still making an impact in 2023 even while he’s out injured.

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Broncos restructure Tim Patrick’s contract to create more salary cap space

The Broncos restructured Tim Patrick’s contract and created $3 million in salary cap space for the 2023 season.

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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Broncos WR Tim Patrick changes jersey number while on IR

Broncos WR Tim Patrick has switched from No. 81 to No. 12, the number he wore in college.

Eight Denver Broncos players changed their jersey numbers on Monday and three new members of the practice squad were assigned numbers as well.

Among the changes: Broncos veteran cornerback Tremon Smith switched from No. 23 to No. 1 and rookie wide receiver Marvin Mims switched from No. 83 to No. 19. Perhaps one of the most notable changes flew under the radar, though.

Denver receiver Tim Patrick, who is currently on injured reserve, also changed his number. Patrick switched from No. 81 — which he has worn since he joined the team in 2017 — to No. 12.

The number change won’t be noticed by fans this year because Patrick is set to miss the entire 2023 season on IR, and (at the time of this writing) no other players have switched to No. 81.

It’s an interesting decision from Patrick. He wore No. 12 while playing college football at Utah, but he wore No. 81 while catching 104 passes for 1,476 yards and 11 touchdowns from 2020-2021 with the Broncos.

Patrick missed all of last season with a torn ACL and he’s set to miss this season with a torn Achilles. Perhaps the number change was promoted by recent injuries while wearing No. 81.

Whatever the reason may be, Tim Patrick now wears No. 12.

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