Broncos Free Agency Tracker: Where things stand for Sean Payton and the team entering free agency

Sean Payton’s first full year is in the books as the Denver Broncos’ head coach.

After two months since Payton’s first year in Denver ended, it’s time to turn the page to the 2024 season.

With the NFL Combine in the rearview mirror, next up is NFL free agency.

On Monday Mar. 11 at 10 a.m. MT, the NFL’s legal tampering period opens, meaning teams can agree to contracts with free agents. On Wednesday, Mar. 13 at 2 p.m. MT, free agents can actually sign those contracts and officially join teams as the new league year begins.

But before that even starts, the Broncos can get to work on their roster. If they want, Payton and George Paton can negotiate and sign contracts with their own impending free agents before those windows open up. Additionally, teams can place tenders on their RFAs and ERFAs.

Here’s the latest with the Broncos and where the team stands heading into free agency.

Most recent updates

Sunday, Mar. 10

• Russell Wilson signed a one-year, $1.2 million contract with the Pittsburgh Steelers. Denver will be on the hook for nearly $38 million of Wilson’s 2024 salary, while the Steelers will pay the veteran minimum.
• The Broncos will not pursue Kirk Cousins in free agency, even though the team had conversations about it, according to Dianna Russini.

Saturday, Mar. 9

• Signed P.J. Locke to a two-year, $7 million deal.

• Traded Jerry Jeudy to the Browns in exchange for a 2024 fifth-round pick and a 2024 sixth-round pick.
  • The fifth-round pick Denver received is the first pick in the fifth round.
  • The trade is equivalent to the Broncos receiving a fourth-round pick for Jeudy.
  • Denver also saves nearly $13 million in cap space by trading Jeudy.

Friday, Mar. 8

• The Broncos and receiver Tim Patrick have agreed to a new one-year deal to keep the veteran receiver in Denver, a source confirmed to DNVR. Patrick had one year remaining on his three-year, $34 million contract, but after back-to-back season-ending injuries, Patrick agreed to a new deal for less money to remain with the team. The 30-year-old receiver was scheduled to have a base salary of $9.5 million, a cap hit of $15.57 million. If the team had moved on from him, they would have saved $9.5 million in cap space.
  • Tim Patrick’s new deal lowers his base salary from $9.5 million to the league minimum $1.205 million and saves the team over $8 million in cap space.
• The team released tight end Chris Manhertz. By doing so, the Broncos saved over $2 million in cap space.
• Re-signed offensive tackle Quinn Bailey to a one-year, $1.055 million contract. He was set to be a restricted free agent, but instead of tendering him, the team signed him to a one-year deal for less than the tender amount.
• Restructured Mike McGlinchey’s contract, opening up $11 million in cap space.
• After Friday’s moves, the Broncos are roughly $18 million under the salary cap.

Thursday, Mar. 7

• The Broncos have released All-Pro safety Justin Simmons. The eight-year vet was the longest tenured Bronco, joining the team as a third-round pick in 2016. Simmons became a staple in the Broncos’ secondary and in the Denver community.
  • Denver saves $14.5 million in cap space by releasing Simmons. In his eight years with the Broncos, the reliable safety racked up 604 tackles, 19 tackles for a loss, 64 passes defended, five forced fumbles, three fumble recoveries and a league-leading 30 interceptions.
  • Simmons was a four-time Second-team All-Pro and a two-time Pro Bowler in Denver.
  • The team’s statement on releasing Justin Simmons:
    • “Justin Simmons’ impact as a Denver Bronco extends far beyond his exceptional play during eight seasons with our organization. In addition to growing into an All-Pro and team captain, Justin became our perennial Walter Payton NFL Man of the Year devoted to uplifting others and using his influence for positive change. Whether it was in Denver or his hometown of Stuart, Florida, Justin inspired and mentored countless youth while providing unwavering support to the community. The hundreds of hours he spent at the Denver Broncos Boys & Girls Club will be as much a part of Justin’s legacy with the Broncos as his leadership, dependability and many interceptions. Justin will always be a Bronco, and we thank him for the outstanding manner in which he represented our organization on and off the field. We wish Justin, his wife Taryn, and their children Laney, Shae and Kyler the very best in the future.”

Wednesday, Mar. 6

• Team informed defensive lineman Jonathan Harris he will not be tendered as a restricted free agent. That will make Harris an unrestricted free agent and he will be able to test the market. Tendering Harris would have cost the Broncos nearly $3 million for a one-year deal. The 6-foot-5, 295-pound defensive lineman played in all 17 games for Denver last year, including five starts.
• Quinn Bailey, who is a restricted free agent, is expected to return to the Broncos.

Monday, Mar. 4

• The team informed Russell Wilson he will be released at the start of the new league year, which is on Mar. 13.
  • The Broncos will have an NFL-record $85 million in dead cap by releasing Wilson. That number can be divided over the next two seasons.

Traded

• Jerry Jeudy to the Browns for a 2024 fifth and sixth-round pick.

Released

• QB Russell Wilson
• S Justin Simmons
• TE Chris Manhertz

Altered contracts

• WR Tim Patrick
  • Freed up over $8 million in cap space
• OT Mike McGlinchey
  • Restructured contract to open up nearly $11 million in cap space

Signed free agents

• No activity yet.

Impending unrestricted free agents

Re-signed

• S P.J. Locke
• OT Quinn Bailey

Signed by a different team

• QB Russell Wilson signed with the Pittsburgh Steelers.

Unsigned

• ILB Josey Jewell
• C Lloyd Cushenberry
• K Wil Lutz
• TE Adam Trautman
• DT Mike Purcell
• CB K’Waun Williams
• OT Cameron Fleming
• FB Michael Burton
• ILB Justin Strnad
• CB Fabian Moreau
• RB Dwayne Washington
• WR Lil’Jordan Humphrey
• ILB Ben Niemann

Restricted free agents

Tendered

• No activity yet.

Not tendered

• OT Quinn Bailey — Signed one-year deal instead.

Won’t be tendered

• Jonathan Harris

Exclusive rights free agents

• Michael Bandy signed a one-year deal with team.