This would presumably take them out of the running to re-sign Dominique Rodgers-Cromartie or pursue Darrelle Revis.
We'll be interested to see how much of that $26M is fully guaranteed (our guess is around half).
Eight of PFF's top ten ranked free agent safeties have already signed new deals, with Chris Clemons and Ryan Clark the only exceptions.
According to beat man Rick Stroud, the Bucs have agreed to terms with former Titans corner Alterraun Verner.
Verner had been rumored as a fallback for Denver, should they be unable to re-sign Dominique Rodgers-Cromartie.
According to Cecil Lammey, the Cowboys have expressed interest in Denver defenders Wesley Woodyard and Robert Ayers.
Here are the biggest moves of the first day of the 2014 NFL league year.
He was due to make $13.9M in salary and command a cap number of nearly $18.2M; the move provides Chicago with more than $9.8M in relief.
Peppers graded out at -4.4 over 865 snaps last season; Allen -4.0 over 1,083; Ware was good for +12.6 over just 648 snaps.
According to Adam Schefter, the Broncos will sign former Browns safety T.J. Ward.
The Plain Dealer's Mary Kay Cabot reports that Denver landed the 2013 Pro Bowler for an average of just $5.5M per year.
SB 32/33-winning line coach Alex Gibbs has again left Denver's coaching staff. He will be replaced by former USC, Tennessee Vols, and Raiders assistant James Cregg, who will assist line coach Dave Magazu.
Jeff Legwold says Denver will indeed try to move Orlando Franklin inside to left guard and shift Chris Clark over to right tackle.
Multiple reports say the Cowboys are about to cut DeMarcus Ware, the NFL's 18th all-time leading sack man.
Ware will turn 32 in July.