While the Denver Broncos continue to make more cap room before the new NFL year, they have chosen regarding Tim PatrickTim Patrick’s future with the team.
According to Mike Klis of 9News, the Broncos and Patrick have agreed on a revised one-year agreement.
Patrick agreed to a three-year extension in 2021 valued at up to $34.5 million with $18.5 million guaranteed.
According to Field Yates of ESPN, Patrick will reduce his base salary this season from $9.5 million to the league minimum of $1.2 million plus an additional $170,000 in per-game roster bonuses.
This action by the Broncos generates over $8 million in cap space.
Patrick is on this one-year opportunity deal because he has missed the last two seasons with a torn ACL and torn Achilles during training camp.
Patrick Has Performed Well for Denver
After going undrafted and joining the Broncos in 2017, Patrick has capitalized on every chance he has received.
In 2018, Patrick started in four games and ended the season with over 300 yards and got a touchdown.
In 2020, Patrick became one of the primary wide receivers for the Broncos after the team had released Emmanuel Sanders and drafted Courtland Sutton, Jerry Jeudy, and K.J. Hamler.
Sutton experienced a torn ACL in 2020 and Patrick was given an opportunity to show that he can be a top wide receiver for the Broncos.
Patrick caught 51 passes for 742 yards and led the team in receiving touchdowns with six.
The following season, Patrick had another productive year with 734 more yards on 53 receptions and again led the team in receiving touchdowns with five.
Heading into the 2022 season, Patrick appeared to be Russell Wilson’s preferred target in training camp, but after dealing with the two-season ending injuries, we never got to see how the relationship would translate onto the field in games.
Restructuring this new agreement with Patrick is giving the 30-year-old a chance to prove once more that he deserves another substantial payday with the hope that it could come from the Broncos.
Currently, the Broncos’ wide receiver room consists of Patrick, Sutton, and second-year speedster Marvin Mims Jr.
Broncos Continue to Create Cap Space
Entering the offseason, the Broncos were well over the cap and need to be under it by the time free agency begins on March 13.
The Broncos are dealing with the largest dead cap number in NFL history at $85 million due to Wilson’s contract that he will not play on in Denver.
On March 9, the Broncos also generated $12.9 million in cap space by trading Jerry Jeudy to the Cleveland Browns in exchange for a fifth and sixth-round pick in the 2024 NFL Draft. This deal will be finalized once the new year begins.
The Broncos also adjusted the contract of right tackle Mike McGlinchey and will be generating an additional $11 million in cap space, per Yates.
After making all these moves, with more potentially on the way, the Broncos have over $20 million in cap space, according to spotrac.com.
Over recent days, the Broncos have created over $50 million and added two more draft picks which gives them flexibility to move up or down in the draft.
