Broncos Updated Salary Cap Situation: 5 Players to Watch

Here's where the Denver Broncos stand relative to the salary cap after a busy offseason.

With free agency settling down, teams should have a better idea of their cap situation moving forward, and the Denver Broncos are no exception.

The Broncos were active in free agency, more active than they have been in previous years. With the lack of draft capital for 2023, it's not surprising Denver focused on free agency to improve the roster.

Where does that leave the Broncos in terms of cap space? Per Over the Cap, the Broncos have a little more than $7.3 million in cap space available.

There are a couple of things to keep in mind about that number, though. First, that number doesn't yet account for wide receiver Marquez Callaway, running back Tony Jones, and center Kyle Fuller, all recent additions to the roster.

Second, keep in mind that the top 51 cut-off rule is in effect. Each time the Broncos add a player, a player with a smaller cap hit doesn't count toward the cap.

It's likely that Callaway, Jones, and Fuller will get at least the veteran minimum for their years of experience. They should account for a cap charge of a little more than $1M each. However, the Broncos' effective cap space will still be about $7M, because other players will fall below the cap cut-off.

Currently, the players with the smallest cap hits who count toward the top 51 are Jarrett Guarantano, Matt Henningsen, and Kendall Hinton. Two of those players contributed to the Broncos in 2022 and have the chance to do so again.

As for draft picks, the effective cap space the Broncos need for them, as it currently stands, is $986,167. However, that could change if the Broncos trade down or acquire more draft capital in the weeks ahead.

Once training camp and the preseason are over, and the Broncos finalize the 53-man roster, plus the 15-member practice squad, all players will count toward the cap. However, that comes further down the road.

For now, the Broncos are in a decent cap position. However, when it comes to the final roster, there could be some players who are either traded or cut, which would allow the Broncos to save some cash and, potentially, some cap space.

Here are names to keep an eye on:

Courtland Sutton | WR

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The sixth-year receiver has been the subject of trade talks, though it doesn't appear anyone has made an offer the Broncos are willing to take.

However, it's possible such talks could heat up after the draft — particularly after June 1. That goes back to how trades work when it comes to the impact on the salary cap.

Unlike cuts, which may be designated post-June 1, a trade cannot be designated at such. When a trade happens, the cap impact is immediate.

Trading Sutton before June 1 would create about $6.8M in cap space with about $11.5M in dead money. Trading Sutton after June 1, though, would allow the Broncos to spread the dead money charges over two seasons, giving the team $14.4M in cap space with a $3.8M dead money charge.

Again, it remains to be seen whether Sutton will be traded, but if that happens, the Broncos would see some cap savings.

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Jerry Jeudy | WR

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While it's not a given that the Broncos will trade him, if they do so, they'd gain $2.6M in cap space with a $2.15M dead money charge. Trading him after June 1 is the same, given that Jeudy is entering the final year of his rookie deal.

If the Broncos pick up his fifth-year option, then a trade is likely not happening this season because it makes no sense for the team to exercise it only to trade him so soon after doing so. Therefore, if Jeudy is traded, I expect that to happen before the draft, which allows the acquiring team to decide on the fifth-year option.

Mike Purcell | DT

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The defensive tackle has been somebody I have proposed as a cut candidate for cap relief. However, it appears the Broncos are content to keep him on the roster. Still, if the Broncos reconsider, they would gain $3.5M in cap space.

Jacob Martin | OLB

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The edge rusher is due $1M in fully guaranteed salary, though there would be offset clauses. It's possible he could be cut if the Broncos acquire another edge rusher in the draft. Cutting Martin would save $3.8M in cap space.

Lloyd Cushenberry III | OL

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Even with the addition of Fuller, it doesn't make sense to cut ties with Cushenberry just yet. However, if the Broncos draft a center, Cushenberry might not be retained. Cutting or trading Cushenberry would free up $2.7M in cap space.

Bottom Line

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While there could be other players moved, these are the ones to keep an eye on. Remember, how much cap space the Broncos will actually have for 2023 won't be fully realized until the 53-man roster and practice squad are set in late August.

For now, Broncos fans shouldn't worry too much about the cap. The Broncos are still early in the process of setting the roster and aren't likely to stand pat with all the players they currently have under contract.

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