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.
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.
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.
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.
Denver has signed three of its 2011 draft choices, agreeing to four-year deals with seventh-round pick TE Virgil Green, fourth-rounder TE Julius Thomas and sixth-round pick LB Mike Mohamed. According to Mike Klis, Green's contract includes a
$17,282 $69K signing bonus. The rest of Denver's nine picks should sign in relatively short order, as the new CBA prevents holdouts and places specific guidelines on how much teams can spend on their draft choices. With Green's $2.16M deal, Thomas' $2.592M $2.42M deal ($384K bonus) and Mohamed's $2.2M deal (the latter two figures reported by Lindsay Jones), the Broncos should have $37.698M left to sign the balance of their picks.
According to Aaron Wilson, the Broncos have placed WR Demaryius Thomas on the non-football injury list while the second-year receiver recovers from surgery to repair his torn Achilles tendon. The NFI list differs from the PUP (Physically Unable to Perform) list in that Thomas will remain an active member of the Broncos' roster and be eligible to return to practice at any point after being cleared via physical. Were he on the PUP list or the reserve/non-football injury list, Thomas would be unable to practice or play until after Week 6 of the regular season. Don't read too much into this though, as Thomas could of course be placed on the PUP list at a later juncture.
According to Adam Schefter, the Broncos have dealt WR Jabar Gaffney to Washington in return for DE Jeremy Jarmon. Jarmon was a third-round pick out of Kentucky by the Redskins in the 2009 supplemental draft and has played in 16 games over the past two seasons (starting one).
The 30-year-old Gaffney spent two years with the Broncos, during which he caught 119 passes for 1,607 yards and four touchdowns. He was due to make $2.4M in salary this season, while his cap number for the year was $2.75M. Jarmon is scheduled to make $480K in 2011 and $565K in 2012, after which he will be a free agent.