Aaron Wilson, as usual, comes through with the details on this extension:
Todd Davis Broncos deal: $15M, $6M gtd, $3M signing bonus, salaries $3M (gtd), $4M, $5M
— Aaron Wilson (@AaronWilson_NFL) March 15, 2018
This contract table will be very simple, so let’s get right to it: Continue reading Todd Davis Contract Details
For only the second time that I can recall under John Elway, the Broncos have restructured the contract of a major player:
Source: the Broncos converted $16M of LB Von Miller's $18.5M base salary into a signing bonus, creating $12.375M in 2018 cap space.
— Field Yates (@FieldYates) March 15, 2018
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's deal, per source: Two years, $36 million. $25 million fully guaranteed at signing. Full deal is guaranteed for injury. $2M incentives.
— ProFootballTalk (@ProFootballTalk) March 14, 2018
UPDATE: March 16 – It took a while, but Mike Klis finally comes through with the numbers:
Details of Case Keenum's 2-year, $36 million contract: 2018: $6 million signing bonus; $4 million roster bonus (payed out on Tuesday); $8 salary. All $18 million fully guaranteed. 2019: $18 million salary ($7 million full guarantee, $11 million injury-only guarantee). #9sports
— Mike Klis (@MikeKlis) March 16, 2018
Keenum’s contract table is as follows, beyond the fold:
|Year||Base Salary||Prorated Bonus||Roster Bonus||Cap Number||Dead Money & Cap Savings|
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.
— Ian Rapoport (@RapSheet) March 14, 2018
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:
Broncos and Vikings are finalizing a trade for backup QB Trevor Siemian, as @rapsheet said.
Broncos will send Siemian and a 2018 late-round pick to the Vikings for a pick in 2019 draft, per source.
— Adam Schefter (@AdamSchefter) March 14, 2018
Mike Klis confirms what Schefter (on air at ESPN) speculated would be the precise draft picks:
It's Siemian and 7th round pick in 2018 to Vikings for 5th round pick in 2019. It adds up to value of 6th round pick for Siemian, who was initially a 7th-round compensatory draft choice. #9sports
— Mike Klis (@MikeKlis) March 14, 2018
The Broncos’ 7th round choice is #225 overall.
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.
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|