Broncos Restructure Von Miller

For only the second time that I can recall under John Elway, the Broncos have restructured the contract of a major player:

What does this mean for Miller? In its simplest terms, the Broncos just wrote a $16.5 million check to Miller right now for salaries he was due to make not until the regular season. Miller (and anyone else!) should enjoy getting $16.5 million in his bankroll right now, instead of six to nine months later.

What does this mean for the Broncos? It’s best to illustrate through a pair of before and after contract tables. Continue reading Broncos Restructure Von Miller

Case Keenum Contract Details

UPDATE: March 16 – It took a while, but Mike Klis finally comes through with the numbers:

Keenum’s contract table is as follows, beyond the fold:

Year Base Salary Prorated Bonus Roster Bonus Cap Number Dead Money & Cap Savings
2018 $8,000,000 $3,000,000 $4,000,000 $15,000,000 $25,000,000 ($10,000,000)
2019 $18,000,000 $3,000,000 $0 $21,000,000 $10,000,000 $11,000,000

Here are my early takeaways from this structure:

  • Keenum’s 2018 cap number of $15 million is quite reasonable, but I worry a bit about the 2019 number of $21 million, because 2019 is a year I foresee in which the Broncos are going to be strapped for cap space. This is increasingly true due to the restructure of Von Miller that sent an extra $4 million of cap dollars to 2019. I am guessing that the Broncos are planning that if Keenum plays very well in 2018, they will extend him with the added goal of reducing his 2019 cap number at the same time. If Keenum does not play well or is outplayed by a young quarterback, they can instead cut him.
  • And on the topic of cutting in 2019, Klis suggests that “this is [an] ironclad 2-year deal”. But I’m not seeing it in this structure. $11 million is still a significant chunk of cap savings to be had even if the Broncos have to carry a $10 million dead money figure. If Keenum truly is a one year wonder, the contract is not as much of a disaster to escape from as, say, what the Texans offered Brock Osweiler.
  • Another option to part ways with Keenum in 2019 is via a trade. The Broncos would be relieved of the salary guarantees on Keenum’s 2019 year in such a move. This scenario could play out if Keenum plays OK or very little and a young quarterback plays much better.
  • As such, this contract does not preclude the Broncos from drafting a rookie quarterback. I realize this has been a point of contention on this site in recent weeks, and I will not offer a new opinion on this divisive subject yet. All I want to do is note its possibility.

Broncos To Trade Trevor Siemian To The Vikings

The Broncos will be relieved of Siemian’s $1.907M base salary that was raised due to qualifying for the Proven Performance escalator. They will carry a trivial amount of dead money of $13,196 from his rookie signing bonus.

Adam Schefter has early word of compensation:

Mike Klis confirms what Schefter (on air at ESPN) speculated would be the precise draft picks:

The Broncos’ 7th round choice is #225 overall.

Update after Signing of Case Keenum

After the Keenum signing, I thought I’d try to give a quick overview of where I thought we stand. I had a long day at work so this will be shorter than I had hopped, and sorry for any errors or typos.

Cap Space:

After the Case Keenum Signing today, our effective cap space sits at 6.7 million for 2018, and 22 million for 2019.

2018 Cap space

Starting per OTC 29.9 million
Case Keenum (Net) -17.5 million
2018 Draft Class (Net) -5.7 million
Remaining 2018 Cap Space 6.7 million

2019 Cap Space

Starting Cap Space 59 million
Case Keenum -18 million
2018 Draft Class (gross) -14 million
Getting roster to 51 -5 million
Remaining 2019 cap space 22 million

Continue reading Update after Signing of Case Keenum