Elway: We’ve made an offer to Elvis

Here's the corresponding video mentioned by Hall. We've transcribed what Elway says in the clip:

We'd love to have Elvis back. We made an offer to Elvis, so we'll see how it progresses; but obviously, the circumstances are different now than they were before.

We're hopeful that Elvis will continue to be a Denver Bronco. With him being a free agent now, I'm sure he wants to see what's out there, but we're hopeful we can get something done with him.

The dust had to settle, and obviously it was frustrating because it didn't get in in time, and we did have a deadline. It was a (3pm ET) deadline, and we missed the deadline but we still tried to make it work. [We] just didn't have the time to get done what needed to get done.

The frustrating part is that the decision was not made earlier, but again, hopefully we can put everything back together, and have Elvis back in a Bronco uniform.

The reworked contract would have paid Elvis $30M over three years, if he had played it out (unlikely). If Dumervil does return, we'll be surprised to see him get more than $15M over two years, or $20M over three. Mike Klis agrees the Broncos' offer is significantly lower than what had been agreed to on Friday.

However, Jeff Darlington hears Denver is trying to craft an offer that would pay Elvis similarly to Friday's verbal agreement:

On Dumervil, I'm told team has been working to find creative way to make a contract offer that would pay him similar to pre-fax agreement. Big concern, at this point, remains whether Dumervil can put the rift that has occurred in wake of #WTFax behind him. My guess? He does.

If this is true, then the proposals suggested by Jason from OTC serve as feasible cap-neutral deals for Denver.

The problem with that, from Elvis's perspective, is that the verbal agreement didn't feature any fully guaranteed compensation beyond 2013, which meant it was essentially a one-year deal with the Broncos holding options on the subsequent seasons.

Vic Lombardi says the dead money and cap won't be as big an issue as the handwringers (huge?!) are making them out to be. Of course, we've been telling you that since the moment the news of Elvis's release first broke.

Meanwhile, Les Shapiro reports the Denver offer trumps the one Baltimore extended to Dumervil, although it's unclear whether that's relative to guaranteed money, total dollars, or average annual value.

Jeff Legwold adds more words from Elway:

We want Elvis back, that would be our wishes, but we'll see what happens. We'd like to get it done as soon as possible, but I'm sure Elvis wants to see what else is out there.

But we're exploring other options too. We'd like it to be Elvis, but we also have to prepare ourselves if it's not Elvis.

As Ted noted yesterday, it's important to recall that Denver was prepared to move on from Dumervil as recently as 3pm ET last Friday, when Elvis and then-agent Marty Magid said they were turning down the Broncos' final offer.

They were surely preparing all along for the possibility they'd be moving on without Elvis. So while Friday was a dramatic day, and frantic at times - the period during which they actually thought Elvis was coming back lasted less than 35 minutes - it's not like the Broncos were completely blindsided by what happened. 

Updated 2:52pm ET

Doug is IAOFM’s resident newsman and spelling czar. Follow him on Twitter @IAOFM