The first veteran cut of the preseason is upon us.

The Broncos will place Menelik Watson on injured reserve with a fairly minor pectoral injury and release him when he’s healthy, the team announced. Watson signed a three-year, $18.3 million contract in 2017 but only played in seven games before landing on injured reserve. His $5.5 million 2018 salary guaranteed in March. The move opens up a spot on the team’s 90-man roster.

By making the move before this season instead of after, the Broncos increase Watson’s cap hit by about $1.1 million in 2018 but frees up about $1.3 million in 2019. NFL salary cap space rolls over from year-to-year, so the net savings is about $150,000 in 2019 cap space.

Watson competed for the starting left guard job during training camp with Connor McGovern and Max Garcia, but played most of his career at right tackle. McGovern has a clear hold on the starting job, but Watson’s versatility could have kept him on the roster. Multi-talented offensive linemen can fill multiple reserve spots and reduce the number of linemen the team needs to carry, freeing up roster space for deeper positions.

Watson, 29, spent the first four years of his NFL career in Oakland before signing with the Broncos last offseason. He was a second-round pick out of Florida State and a Manchester, England native.