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.
Coats was originally signed by the Broncos last Nov. 9 but was cut the following day when Denver instead decided to re-sign RB Lance Ball. Coats was brought back on Dec. 6 when TE Dan Gronkowski was placed on IR. He was due to make $640K in salary but had little chance of making the squad.
McLaughlin played linebacker for Boston College before the Ravens moved him to fullback, which he had played in high school. McLaughlin had been signed to a future contract by Denver on January 6.
* I here that the release of Buckhalter would accelerate the unamortized chunk ($900K) of his original signing bonus to hit the Broncos' 2011 cap, but that was not correct. All accelerated bonuses from this week and going forward will be charged to teams' 2012 caps. Probably should have figured this out before calling out the DP guys for their transgressions. Glass houses/stones, that whole thing. Anyway, I think I've got it all straight now.