The NFL’s salary cap is expected to rise above $240 million in 2024, a significant jump from $224.8 million in 2023.
Despite that (expected) increase, the Denver Broncos will have to get creative to get below the salary cap this spring. The Broncos are projected to be about $24 million over the cap in 2024, according to a projection from Jason Fitzgerald of OverTheCap.com.
To get below the cap, Denver could release select players and restructure select contracts (simple restructures would be an easy start). In addition to being over the cap, the Broncos will be eating some serious “dead money” if they release quarterback Russell Wilson in March as expected.
Depending on when the cut is designated, Wilson’s release could give the team a dead money cap hit of $35.4 million (post-June 1) or $85 million (pre-June 1) in 2024. A post-June 1 release seems like the most likely scenario, and Wilson is already on the books for $35.4 million in 2024 regardless of whether or not he’s on the team.
Denver has multiple starters scheduled to become free agents in March, so the team’s cap situation could force some tough decisions this spring. Despite being at least partially responsible for the Wilson situation and cap mess, general manager George Paton is not expected to be fired.
So the Broncos are set to go into 2024 with Sean Payton and Paton leading the way. There’s a lot of work to be done.
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