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).
According to Adam Schefter, the Broncos are the early favorites to sign former Cowboys pass rusher DeMarcus Ware.
Reports from earlier in the day suggested that Jared Allen was overplaying Denver's interest in him.
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.
According to Judy Battista, the Broncos have been negotiating with Dominique Rodgers-Cromartie throughout the day and still hope to get a deal done.
Meanwhile, Ian Rapoport says the Bucs are expected to cut Darrelle Revis, presumably before 4pm ET on Wednesday, when the final piece of their trade with the Jets gets upgraded from a fourth-round pick to a third-rounder.
New Orleans has reportedly drawn enough interest in Darren Sproles that they are expected to trade, rather than release the running back/return man.
The versatile weapon is set to make $3.4M in salary and has a $100K workout bonus available.
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 Cecil Lammey, the Broncos may be in on newly released Cowboys pass rusher DeMarcus Ware.
Even if Denver isn't willing to meet Ware's price, they could theoretically use him to bring down Jared Allen's.