Here's what Tim Patrick's three-year contract means -- for both him and the Broncos

In-season re-signings have resulted in more hits than misses in the last several years for the Broncos. Players like cornerback Chris Harris Jr., wide receiver Emmanuel Sanders, safety Darian Stewart and defensive end Derek Wolfe — who actually signed his extension during the 2015 preseason — all proved to be worth the investment.

So, it’s a good bet that wide receiver Tim Patrick will not disappoint and will prove to be worth the $18.5 million in guarantees on a three-year contract. Patrick has been the Broncos’ most reliable player in the last two seasons, with neither a dropped pass nor a fumble in the 25 games he has played in that span.

The impact of the move goes beyond Patrick himself.

1. WHAT DOES IT MEAN FOR COURTLAND SUTTON?

In the short term, nothing. The Broncos’ projected cap space of over $70 million offers plenty of room to absorb massive pay raises for both Patrick and Sutton.

Getting Patrick’s deal complete means that you can cross his name off of the list of Broncos who could receive transition or franchise tags. Realistically, the only Broncos in play for either are Sutton and, yes, quarterback Teddy Bridgewater.

Sutton’s per-game production, Pro Bowl pedigree and skill set ensures that he will likely receive at least $17 million on the market next spring if he becomes an unrestricted free agent. A franchise tag would be just $2.1 million above that baseline per-year figure, so it would not cripple the Broncos’ cap planning to give him a tag while they try to work out a long-term extension.

It’s not an either-or by any means. Expect Sutton to be wearing orange and blue next year. That potential didn’t change Friday.

2. THE WIDE-RECEIVER OUTLAY

The Broncos have one of the league’s more talented receiving corps, but they are paying a relative pittance for it. In terms of average annual contract value, Denver has $13.545 million invested in its wide-receiver corps, according to Spotrac.com. Just six teams have a lower average annual value for their wide-receiver room as a whole.

That price is entirely a function of the youth of the room; Patrick, who was on the practice squad in 2017, a season before the Broncos drafted Sutton, is the room’s elder statesman.

But if Patrick ends up maxing out his deal, his average value will be $11.5 million — nearly as much as the entire receiving room’s average in 2021. If Sutton receives a franchise tender, then the Broncos’ average-per-year outlay on their receivers will almost triple from $13.545 million this year to $36.2 million in 2022.

That figure would rank third in the league among this year’s WR outlays, according to Spotrac.com. Even with a few teams spending more at the position in the coming offseason the Broncos would almost certainly go from the bottom quarter to the the top quarter of the league in average per-year wide-receiver investment.

It’s the cost of doing business with veterans who have developed well.

One other aspect of Patrick’s contract worth noting in the Broncos’ wide-receiver investment is the length of the deal: three years. The final season of the contract is 2024 — which is the same year as Jerry Jeudy’s fifth-year option.

So, for planning purposes, the potential spike in compensation to Jeudy when it is time for his second contract is on track to coincide with Patrick’s extension going off the books.

3. WHAT OF THE QUARTERBACK POSITION?

Solidifying the wide-receiver complement will help, no matter what the Broncos’ plan for 2022 at the most important position will be.

If Paton chooses to make a play for a potentially-available high-echelon veteran via trade, a deep pass-catching corps led by proven talents in Patrick, Sutton and Jeudy make the Broncos an attractive destination.

But if Paton opts for a bridge veteran to eventually hand the baton to a first-round selection next year — likely to come from a group that includes Mississippi’s Matt Corral, Pitt’s Kenny Pickett, Nevada’s Carson Strong, Liberty’s Malik Willis, North Carolina’s Sam Howell and Cincinnati’s Desmond Ridder — then a stacked wide-receiver corps is a perfect fit for two reasons.

1. It gives a young quarterback strong, trustworthy footing; a collection of reliable receivers with distinct skill sets can only help that passer’s cause.
2. With five years of cost control — assuming the quarterback in question isn’t a bust — the Broncos can take the savings and pass them on to other positions. Wide receiver and offensive line are the two most logical target areas, given the tangible benefit to a developing passer.