Despite releasing quarterback Russell Wilson, the Denver Broncos have found ways to create cap space ahead of the 2024 campaign.
ESPN analyst Field Yates reported that the Broncos have restructured the contracts of defensive lineman Zach Allen and left guard Ben Powers.
“The Broncos continue to clear significant cap space, restructuring the contracts of DL Zach Allen and G Ben Powers to clear just shy of $20M of 2024 space,” Yates posted to X on March 12. “Despite the massive dead cap hit they’ll have with Russell Wilson, Denver is still in a position to spend this week.”
Per Mike Klis of 9NEWS Denver, the Broncos converted $28.5 million of salaries to Powers and Allen to a pro-rated bonus of $14.25 million each. Denver also added two void years for Powers and three for Allen.
This means the team has created significant wiggle room to spend in free agency moving forward. Klis mentioned the Broncos now have $43.05 million in cap space, the ninth-most in the NFL entering the second day of free agency.
Both players signed with Denver in March 2023. Allen started all 17 games and recorded 60 tackles, five sacks and a forced fumble in those appearances.
Powers also started every game for the Broncos last season and is under contract through 2026.
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