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.
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.
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 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.
10:42am ET Tuesday - According to @NFLDraftInsider, the Broncos have agreed to terms with undrafted rookies RB Mario Fannin from Auburn, FB Patrick Hill from Miami, WR Mark Dell from Michigan State,
G Bryant Browning from Ohio State Browning has instead agreed to join the Rams, LB Nick Bellore of Central Michigan Bellore is going to the Jets, and DE Deron Mayo from Old Dominion, younger brother of Pats LB Jerod. According to @NEPatriotsDraft Denver has also signed WR Marshall Williams from Wake Forest, TE Justin Jones from Toledo, CB James Rogers from Michigan, and DT Colby Whitlock of Texas Tech. Rutgers CB Brandon Bing says he's also agreed to join the Broncos; so does Kansas DB Chris Harris. According to @Ethanhamm, Denver has also added OT Curt Porter out of Jacksonville State. (note: click player names for NFL.com and NFLDraftScout.com profiles)
The Broncos have announced via Twitter that veteran defenders Justin Bannan and Jamal Williams have been released just a year after both were originally signed as free agents. Bannan earned $10.5 million in guarantees as part of his deal with Denver and was due a $500,000 roster bonus and $3.5 million salary in 2011. Williams received $7 million in guarantees with his contract and according to Mike Klis was set to earn a $1 million roster bonus an $4.2 million in salary. Along with the release of Daniel Graham yesterday, Denver has cut $14.4 million in salary and bonus obligations from their 2011 payroll. See Andrew Mason's latest entry for more details.
Also, the Broncos have chosen not to tender RB Laurence Maroney, who was acquired midseason with a sixth-round pick from New England in return for a fourth-rounder.
Update 5:38PM ET - As for the CBA negotiation: according to Jim Trotter via Twitter,
the sides have agreed on the 24-hour extension. they're awaiting approval from judge doty. should be a formality.
Tight end Daniel Graham has been released by the Broncos today after four seasons with the team. Meanwhile, Denver extended qualifying offers to several veteran players - right tackle Ryan Harris, placekicker Matt Prater, defensive linemen Marcus Thomas and Kevin Vickerson, and linebacker Wesley Woodyard.
UPDATE 10:13PM ET - According to Klis, Woodyard and Prater received second-round tenders worth $1.835 million, while Harris, Thomas and Vickerson received original round tenders worth $1.2 miliion. However, in the likely case that the next NFL season is played under a new CBA, those latter three players will all be unrestricted free agents.
7:48PM ET - Via Josina and Twitter, Marcus Thomas' agent says the player will not be signing his tender and wants to test unrestricted free agency, for what that's worth...
John Elway has announced via Twitter that the Broncos have agreed to a new contract with Champ Bailey:
We are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey. Champ is truly one of the NFL's elite players, a 10-time Pro Bowler who is playing at the absolute highest level. The commitment and loyalty that Champ has shown to the Broncos, the city of Denver and this region is exemplary. We're fortunate to have Champ with the Broncos for a long time. This is a GREAT day for our entire organization and our fans.
According to the Denver Post, Bailey has given the Broncos what is quite clearly a hometown discount - only $15 million is guaranteed over the life of the four-year deal. He will receive a guaranteed $11 million salary in 2011, with $4 million of his 2012 compensation guaranteed. Frankly, this is a stunningly favorable deal for the team which Bailey has been a part of for seven seasons now. The retention of the 10-time Pro Bowl cornerback promises Denver some stability at a position that was suddenly looking thin considering the legal issues of rookie Perrish Cox and the until-now murky status of Bailey.
The Broncos announced today the hiring of Ron
Miley Cyrus Milus and Richard Smith as defensive coaches. Milus will coach the team's secondary, while Smith will coach the linebackers. Both had been on head coach John Fox's staff in Carolina and were Denver assistants earlier in their careers.