The Broncos have released RB Correll Buckhalter and TE Daniel Coats, and waived RB Mike McLaughlin. It was announced that Buckhalter would be let go on Monday, presumably for salary cap relief purposes; he was due to make $1.92M in salary and count for $2.37M against the salary cap. His release will provide the team with
$1.47M the full $2.37M* in cap relief and result in a 2012 cap hit of $900K.
According to Andrew Brandt of NFP, the Broncos paid Kyle Orton his 2011 roster bonus today, which was $1.5M and due to hit as of 4pm ET. Brandt goes on to say that the payout makes the Broncos less likely to trade Orton, who had been rumored as destined for Miami for several days.
Tim Tebow was also slated to receive a large chunk of change today - $6.275M according to the DP article that detailed his contract last year. That $6.275M is comprised of Tebow's entire 2011, 2012 and 2013 salaries, plus part of his 2014 salary, and was originally due on the 30th day of the league year. However, the new CBA rules stipulate that any contracted bonus scheduled to be paid within 50 days of the start of the 2011 league year be paid out at 4:01pm ET today, while any bonus scheduled for more than 50 days after the start of the league year will be paid on the eighth day of the league year, or Aug. 11.
UPDATE 1:57pm ET Saturday - McGahee and the Broncos have agreed to terms on a four-year deal reportedly worth between $9.5M and $10M pending the results of his physical.
Happy Friday, friends. We’re now a couple days into the free agency and trading period, and the Broncos haven’t done too much yet, except sign their own draft picks, trade Jabar Gaffney, and haggle with the Dolphins about the price for Kyle Orton. I’ve observed some angst about the pace of things in our comment threads and on Twitter, and I wanted to address that today.
I think most of us would agree that Defensive Tackle is the primary need area for the Broncos, and the good news is that not very much has happened there yet. It seems that the market for that position group is waiting for a big deal to pave the way for others to come, but the only two major agreements among the “big defensive linemen” group were with Barry Cofield and Stephen Bowen - both going to Washington - and neither was an outlandishly-priced contract for their production. It’s interesting with so many Eric Weddle Specials flying around, how none have hit this cohort.
To start out, I want to talk about “big defensive linemen” briefly, and what I mean by that. Simply, I mean that there are certain players who can play DT in an even front and DE in an odd front (especially one-gap versions) interchangeably. These tend to be guys who are in the 6-2 or 6-3, and 285-300 pound size range. Taller guys tend to specialize as DEs in 2-gap odd fronts, and stouter ones tend to strictly be Nose Tackles.
11:33pm ET - Armando Salguero writes that the Dolphins have not given up on the idea of dealing for Kyle Orton. Of course they haven't. (Thanks, Nick!)
10:20pm ET - FOX 26 Sports in Houston is reporting that Denver is among several teams interested in Texans FB Vonta Leach.
Good Morning, Broncos fans! Nothing brewing on the Kyle Orton-to-Miami talk, and Mike Klis says it continues to be a matter of Kyle and the Dolphins trying to work out a new contract. Hopefully Miami GM Jeff Ireland & Co. realize they're dealing with a new reality thanks to the rookie wage scale and eye-popping veteran contracts such as those signed by Kevin Kolb and Eric Weddle, among others.
The Broncos have signed the rest of their 2011 draft choices today. This morning, they agreed to terms with second-rounder OT Orlando Franklin and third-rounder LB Nate Irving. Franklin, who practiced with the first team already, agreed to a four-year deal worth
$4.35M $4.361M including a $1.68M $1.668M signing bonus. Irving's deal was completed just before practice on Friday.
10:19pm ET - Sadly, Arnie Stapleton says the Broncos have been priced out of the competition for Brandon Mebane's services.
Good Morning, Broncos fans! Klis says Denver and Miami have been close to a deal for Kyle Orton since Tuesday night, and that Kyle's Denver teammates arrived yesterday expecting him to already have been traded. Now, with no deal imminent (Orton's agent and the Dolphins are apparently still working on a new contract), Orton is due to be at workouts this morning at Dove Valley, and Klis says Kyle will be taking first-team snaps. Hmm. I find this very hard to believe - not that Orton is going to show up, but that the Broncos would let him do more than stand around or risk an injury that would blow up any trade and force them to pay his full salary this year.
At 11:30pm ET John Elway announced the signing of seventh-round draft pick Jeremy Beal.
Elway is really digging the announcements of signings and trades via Twitter. Let's hope he announces some big ones soon.