Only a few hours ago, we noted the signing bonus given Lerentee McCray by the Broncos, and what it meant.
What it doesn't mean, is that he's good enough for the NFL; the Broncos will presumably figure that out over the next few weeks and/or months.
As an example of how little regard teams can have for undrafted players, consider the case of former Stony Brook running back Miguel Maysonet.
As they had done with the contract for Dominique Rodgers-Cromartie, the Broncos have pushed some current cap dollars out into the future with their recent restructuring of Peyton Manning's deal.
Instead, Shutdown Corner reports that Manning received a $10M advance ($5M from each of his $20M salaries in 2013 and 2014) that will be treated as a signing bonus and be prorated over the 2013-16 seasons, $2.5M per year.
The net result is a cap savings of $2.5M in 2013 and 2014, and an additional $2.5M cap hit for each of the 2015 and 2016 seasons.
Per NFLN's Ian Rapoport, Charles Woodson has a standing offer from the Broncos, but still plans to take his Tuesday visit with the Raiders, who are the other team known to have made an offer to the corner-turned-safety.
The Panthers and Giants are said to have expressed interest, but there have been no reported offers from either team. The Giants are reportedly only willing to pay Woodson around the minimum salary, which is $940K for a player of his experience.
Rapoport reports that other unidentified teams are involved, and suggests that Denver is the only team to have offered Woodson more than the minimum salary.
Updated 10:40am ET
As per Mike Florio, the Broncos have added an insurance policy to Peyton Manning's contract. Manning is signed through 2016 and will be guaranteed $40M over the next two seasons, after having passed his physical in March.
If Peyton were to reaggravate the neck injury that cost him his 2011 season, the team would be able to cut Manning and void the $20M salary he's due in 2014. The insurance policy would provide Denver with cap relief and $10M in cash in the case of any other serious injury.
Updated 12:46pm ET
I’m getting pretty hopeful that the Broncos will sign Charles Woodson, based on the fact that he visited Dove Valley Wednesday, and also on the smoke signals that Mike Klis is reading. I’ve advocated a few times for Woodson to be signed, and I’ve banged the table for a matchup safety.
I think that of all the free agents presently available on the street, Woodson is the best possible fit for this Broncos team. There’s some injury risk there, but I would say that Woodson's having missed seven games in 2012 was unusual for his career, and that you’d be foolish to make a sweeping assumption that it’s the new normal for him because he hit some magic “old man” cutoff point.
All things considered, Woodson has been pretty durable throughout his career, and he has that record despite playing his position in a very unique and physical way. I would emphatically call Woodson a risk worth taking on the injury front.
Carl Poston, the agent for Charles Woodson, provided an update on the status of his client this morning, via Josina Anderson:
Charles Woodson had a good meeting with the Denver Broncos. I believe they feel his versatile style will help their defense shine more. We remain in discussions with them. Charles is also still talking to Oakland, and a new team entered the mix during his visit to Colorado.
Was Poston referring to the Panthers?
Updated 2:44pm ET
According to Mike Klis, Charles Woodson's visit to Dove Valley ended with no contract agreement. However, both Klis and Vic Lombardi seem to think this story isn't over yet:
All things quiet on the Broncos front, which means they're probably negotiating a deal right now.— Vic Lombardi (@VicLombardi) May 15, 2013
Sneed hears that former Chicago Bear Brian Urlacher, whose stellar, longtime career with the Bears began with a growl and ended with a whimper, is getting close to finding a new pigskin playground.
Sneed is told that Urlacher, whose decision to leave the Bears followed their offer of a $1.6 million renewal contract, has been talking to the Minnesota Vikings and the Denver Broncos. “It’s getting close to happening, but Brian is leaning toward heading to Minnesota and is talking a one to two year contract,” said a source close to Urlacher.
As we've been saying here at IAOFM since February and a couple times more recently, Charles Woodson as a matchup safety for the Broncos is an excellent idea (If you're not sure what we mean by a matchup safety, here is a fine refresher course).
The Broncos' struggles at covering tight ends in recent years, and especially last season, have been well documented.
To that end, Vic Lombardi is reporting that the team is finally going to take a closer look at Woodson:
Updated 8:23pm ET
For the coaching staff, it was their first on-field look at the Broncos' draftees and undrafted free agent signings, along with a trio of players invited for an extended tryout.
According to Mike Klis, two of those invitees were impressive enough that they will be signed - CSU DE Lanston Tanyi, and UCLA LB Damien Holmes.
Updated 9:29pm ET