Contrary to early reports, the Broncos haven’t released Gregory yet. Instead, the Broncos will hold onto Gregory for a day or two in case another team wants to trade for Gregory.
“None of it has been finalized yet,” Payton said after the Broncos practiced on Wednesday. “It was something that we felt was just best for our team right now, timing-wise. It hasn’t been finalized yet because, typically, before a transaction takes place, there may be some teams interested in a trade. If any of that came to fruition, we would let you guys know.”
If the Broncos trade Gregory, his new team will take on the $10.9 million remaining on his 2024 salary. The new team would also take on the next three seasons on his contract, worth $14 million per season. None of that money is guaranteed so that each year would work similarly to a club option.
To find a deal, the Broncos may need to retain some of Gregory’s 2024 salary. If his new team took on a $5 million cap hit, for example, instead of $10.9 million, the Broncos might be able to find a suitor. Gregory’s 2023 salary is fully guaranteed, so if they don’t find a trade partner, they will be on the hook for the full amount. It would behoove them to reduce that number by restructuring the contract and finding a trade.
The Broncos can look to the trade the Chargers and Patriots made Wednesday morning. The Patriots sent a sixth-round pick to the Chargers for cornerback J.C. Jackson and a seventh-round pick. To convince the Patriots to make the deal, the Chargers converted the majority of his remaining $9.3 million 2023 salary to a signing bonus, which the Chargers paid before the deal went through. The Chargers were able to save money—they didn’t have to pay the entire guaranteed salary—and they picked improved a draft pick.
Early reports suggested that Gregory requested a release, but Payton denied the rumors.
“This was something we made and decided. You spend a lot of time on decisions like this,” Payton said. “We felt that it was best for our team.”
Why was it the best decision for the team?
“We felt like with some of our younger players and where we are going, it was best for our team right now,” Payton said.
Those other guys are Jonathon Cooper, 25, and Nik Bonitto, 24. They started at outside linebacker against the Bears on Sunday and combined for 3.5 sacks. The play of the game came when Bonitto strip-sacked Justin Fields, and Cooper picked the fumble up and carried it to the end zone to complete a 21-point comeback.
“We just felt like these other guys were playing better,” Payton said. “It happens in this league. We want the best players possible. There was a combination of things. Those other guys stepped up, and we felt like they’re playing better.”
The Broncos are 1-3 and last in the AFC. If they can’t turn their season around, they may opt to trade more of their veteran players. Their wide receivers could be candidates, and safety Justin Simmons would be their most prized veteran trade chip.
While those tough decisions are at least a week away—and probably more—the Broncos will be busy working the phones to try to recoup some of the money they owe Gregory.
