So, the Broncos apparently dropped the ball on this one. Reports Mike Klis:
Hold on, contract not filed in time. Elvis Dumervil has been officially released...I'm serious. Contract was not filed by 1:59 p.m. Elvis Dumervil informed Broncos he was taking the new deal at 1:25. Broncos didn't get fax with Elvis Dumervil signature on contract until 2:07 p.m. -- 7 minutes and 1 second past the deadline! Broncos could still sign Elvis Dumervil but there are salary cap implications. Not that simple.
We're about to find out just how good a sales pitch John Elway gave Elvis, and what kind of agent Marty Magid is. Well, aside from his slowness at faxing contracts.
The immediate result of Denver cutting Dumervil is an accelerated dead money hit of $4.869M to the team's 2013 cap, and a net savings of $8.754M.
If the two sides are to reconvene, a new contract will be structured completely differently than the old one, unless the team is given some relief from the league.
Anyone expecting such benevolence from the Ginger Hammer?
Didn't think so.
At this point, the key issue will be whether Elvis wants to come back, and whether another team is willing to step in with a better offer.
The cap shouldn't be prohibitive. Denver currently has around $8M in room, and can free up more space by cutting Joe Mays (around $3.3M) and Chris Kuper (around $2.7M). Of course, now that we're in All-51 time, that means those cap gains would be offset by adding someone else from the bottom of the payroll, or $405K per player.
So, cutting Mays and Kuper would get Denver to around $13M under the cap, and they'll eventually need about $3.9M to allocate to the 2013 Draft.
In no way is this a good situation, but it's not disastrous in terms of the cap.
It's all about getting Elvis re-signed, and if unable, the Broncos had best have the agents for Dwight Freeney and John Abraham on speed dial.