Tim Patrick’s attempt at yet another comeback will happen in Denver.
The veteran wide receiver agreed to restructure the final year of his contract, multiple sources confirmed to The Denver Post, as part of a flurry of moves that took Denver from nearly $3 million over the 2024 cap to more than $18 million beneath it.
Patrick had a $9.5 million non-guaranteed base salary and a salary cap charge of $15.572 million for 2024, but those numbers will both come down.
Now he’ll make the veteran minimum of $1.125 million, sources confirmed, and he can make another $1.2 million in incentives and $170,000 in per-game roster bonuses. He had $6.072 million in prorated bonus from his November 2021 extension set to count against Denver’s cap regardless, but his cap number for 2024 dropped to $7.197 million, meaning Denver saved more than $8 million on its salary cap.
Patrick, of course, has missed the past two seasons due to injury. He sustained a torn ACL during training camp in 2022 and then a torn Achilles tendon in camp last summer. The last NFL game he played in he caught six passes for 95 yards against Kansas City on Jan. 8, 2022.
Patrick came back quickly from the Achilles injury thanks in part to the same advancements in the operation that others like New York Jets quarterback Aaron Rodgers had performed by Dr. Neal ElAttrache. By the end of the regular season, Patrick was seen regularly in Denver’s facility running and cutting during intense workouts.
The 30-year-old receiver was drawing interest from several other teams, a source told The Post, but the interest in making sure he returned to the Broncos was mutual. He signed a three-year, $30 million extension in November 2021 and has been paid $16.5 million over the past two years while not playing, according to OvertheCap figures.
After Patrick’s injury last summer, The Post reported that he had some of his 2023 base salary converted to bonus in order to clear up cap space for Denver.
Denver’s salary cap picture overall is in flux depending on how the club decides to split up Russell Wilson’s $85 million in dead cap charges over 2024 and 2025, but the Patrick extension was just the start of their work Friday. It ended with the club clearing more than $21 million and checking in Friday evening around $18 million under the cap.
Denver also released veteran tight end Chris Manhertz, signed offensive lineman Quinn Bailey and converted right tackle Mike McGlinchey’s $15 million base salary into signing bonus to create substantial salary cap space.
Manhertz was Denver’s blocking tight end in 2023 after signing a two-year deal last spring. He had a $2.14 million, non-guaranteed base salary. The move saves the Broncos $2.12 million for 2024 and comes with $1.125 million in dead cap charges.
Bailey was a restricted free agent and was not retained at the $2.985 million tender. Instead he signed a one-year deal with a minimum $1.055 million, non-guaranteed base salary, according to NFLPA data. Bailey in 2023 served as Denver’s jumbo tight end and has the ability to play guard or tackle.
Turning all but the veteran minimum of $1.125 million of McGlinchey’s guaranteed money into bonus saves $11.1 million on the cap. His cap number is now $7.4 million compared to $18.5 million.
According to OvertheCap, the Broncos are now $18.383 million under the 2024 cap. Interestingly, the difference between taking $35.4 million of Russell Wilson’s dead cap in 2024 (and $49.6 million in 2025) and taking $53 million in 2024 (and $32 million in 2025) is $17.6 million.
If the Broncos mostly stand pat from here, the club may opt for the former option. If they clear more space in the coming days, they could well be aiming for the latter.
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