Broncos Cash Commitments at WR Could Point to a Coming Roster Move
The Denver Broncos have made the majority of their offseason maneuvers, though it's possible they make a move here and there between now and the start of training camp.
We now have a better idea about how much money the Broncos will commit toward the roster going into 2023. We can also get a better idea about the money commitment in 2024, given who is currently under contract with the Broncos.
In the coming weeks, I'll review each positional group and look at the money that's currently being committed to the biggest names in 2023, what can be expected for 2024, and what changes could potentially happen, which then affects the money committed.
We'll start this series with wide receivers because it's possible the Broncos may not be done making moves here.
2023 Roster
Current players: Courtland Sutton, Jerry Jeudy, Tim Patrick, KJ Hamler, Marquez Callaway, Kendall Hinton, Lil'Jordan Humphrey, Marvin Mims Jr., Brandon Johnson, Jalen Virgil, Montrell Washington, Taylor Grimes, Dallas Daniels.
Largest cash commitments for 2023: Sutton is due a $14 million fully-guaranteed base salary and a $500,000 per-game roster bonus (the $500K is divided among 17 games). Patrick is due an $8M base salary, of which $5.5M is fully guaranteed, with a $500K per-game roster bonus. Jeudy is due a $2.6M fully-guaranteed base salary.
Hamler is due $1.5M in base salary, but the money isn't guaranteed. Mims should get a $1.4M signing bonus and $750K base salary, both fully guaranteed, once he signs his rookie contract, meaning he'll get about $2.2M in cash this year.
The rest of the receivers are due no more than a $1M base salary. These players are competing for either a 53-man roster spot or the practice squad, with some not sticking around at all once final cuts are made.
Cash commitments for 2024: Jeudy is due a $12.9M base salary after the Broncos picked up his fifth-year option. Sutton is due $13M in base salary and $500K per-game roster bonus, but no money is guaranteed. Patrick is due a $9.5M base salary and $500K per-game roster bonus, but like Sutton, the money isn't guaranteed. Mims is expected to get a $1.025M base salary for 2024 that is fully guaranteed.
What could change for 2023: It's possible the Broncos could still trade Sutton. One thing to keep in mind is that the Broncos would free up more cap space by trading him after June 1, rather than before that date.
While players who are cut can be given a post-June 1 designation, trades cannot be designated as such. The Broncos would free $6.7M in cap space by trading Sutton before June 1 but would take an $11.475M dead money charge. Trading Sutton after June 1 would free $14.4M in cap space with a $3.825M dead money charge.
Of course, there is no guarantee that the Broncos trade Sutton any time soon. However, if the Broncos are considering it, they would likely want more in draft pick compensation because they don't free as much cap space and take a bigger dead money charge. After June 1, Denver gains more space with less dead money, meaning the team might not seek as much draft pick compensation.
Therefore, that the Broncos haven't traded Sutton yet doesn't mean they won't do so later. Again, it's not a given he'll be traded, but it can't be ruled out, either.
Patrick hasn't been mentioned in trade rumors, but trading him before June 1 would free up $4.9M in cap space with a $6.1M dead money charge. Trading him after June 1 frees $8M in cap space with a $3.071M dead money charge.
The Broncos' decision to pick up Jeudy's fifth-year option likely means he won't be traded — unless they were to get blown away by an offer. Hamler is a trade possibility, but the Broncos aren't likely to get much in return, though they would gain $1.5M in cap space.
What could change in 2024: Assuming the Broncos don't trade any of their receivers next year, they could move on from at least one in 2024. This brings us back to Sutton and Patrick.
If Sutton is cut or traded before June 1 in 2024, the Broncos gain $9.675M in cap space with a $7.65M dead money charge. If the Broncos cut him with a post-June 1 designation or trade him after June 1, they gain $13.5M in cap space with a $3.825M dead money charge.
With Patrick, he enters the final year of his contract, so it's straightforward: Cutting or trading Patrick at any point frees $9.9M in cap space with a $3M dead money charge.
It shouldn't surprise anyone if the Broncos move on from either Sutton or Patrick in 2024. Jeudy will have a higher cap charge, so the Broncos will likely want to move one of the other two receivers, regardless of other factors.
Bottom Line
One cannot rule out a trade of Sutton coming later this offseason, but should no trade happen, it's more likely that the Broncos make a move in 2024 in the receiver room.
Much of this depends on what happens with the receivers this season. The likes of Johnson and Virgil have shown flashes and have a shot to claim a depth position.
Hinton has been a solid depth player, though he would be a restricted free agent next season. And even Hamler, who enters the final year of his contract, could turn some heads depending on his recovery from an offseason torn pec.
Based on the cash commitments the Broncos have for the short and long term at the receiver position, something will have to give by 2024. How soon a move happens is the question yet to be answered.
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