A few days ago, we suggested that cutting Elvis Dumervil before the start of free agency would be the right thing to do, and the proper sendoff to a player who'd given seven years to the team.
Turns out, waiting was the best course of action.
According to Adam Schefter, Dumervil has agreed to a pay cut, and will remain with the Broncos for the 2013 season.
Elvis's decision likely owes much to the softness of the DE market to this point in free agency, as evidenced by the surprisingly mild contracts signed by Paul Kruger in Cleveland, and Cliff Avril and Michael Bennett in Seattle.
Mike Klis says John Elway made multiple phone calls to Dumervil in recent days in an effort to soften what had to be an extremely humbling experience for the 29-year-old defensive end.
The details are still coming in, but for now, we know that Elvis's 2013 salary will be $8M, down from $12M.
He'd been due to earn salaries of $10M in 2014 and $8,193,335 in 2015, but it's unclear whether those salaries will be altered.
According to Klis, the team's original proposal to Dumervil had been a pay cut down to $7.5M.
As for Denver's cap, this move is a straight savings of $4M - there's no dead money, and no harm. It's pure benefit, and allows the Broncos the flexibility to jump back into the market, where they may consider adding a veteran running back or safety.