The most wonderful time of the year is quickly approaching for John Elway. Instead of heading to the mall to do some last-minute — or now very late — Christmas shopping, he’ll be picking up the phone and convincing free agents to come to Denver.

And, instead of having a couple of hundred dollars at the mall, he’ll have roughly $60 million to lure those prized free agents to town.

But Elway can have upwards of $100 million by saying goodbye to some of the players who are under contract for the 2020 season. Here’s who would free up cap space if they Broncos let them go.

NOTE: All numbers are according to Spotrac.

Joe Flacco

Cap hit in 2020: $26.65 million

Dead cap: $13.6 million

Potential Savings: $13.05 million

Likelihood the team moves on: Extremely

The 2019 season provided clarity that Drew Lock is a better option for the Broncos now and for the future over Joe Flacco. Barring a massive restructure, it should be an easy decision to say goodbye to the veteran quarterback, as $26 million is far too rich for any backup.

Ron Leary

Cap hit in 2020: $9.313 million

Dead cap: $875,000

Potential Savings: $8.438 million

Likelihood the team moves on: Almost certain

At the Combine, Elway announced the team will not pick up the veteran guard’s team option, meaning he’ll hit the open market. There is a chance his $9 million cap hit was just too rich for the Broncos, but they still want to bring him back. That option, however, does not seem likely.

Bryce Callahan

Cap hit in 2020: $7.83 million

Dead cap: $2.66 million

Potential Savings: $5.17 million

Likelihood the team moves on: Slim

Think about this: If the Broncos moved on from the talented cornerback they would have had one of the worst investments in NFL history. Cutting Callahan would cost Denver $10 million against the cap between 2019 and 2020. Callahan would play a total of zero snaps in that scenario.

After spending last season on the bench and injured reserve, the Broncos will very likely hold onto the 28-year old in hopes he can be the shutdown corner they signed him to be.

Todd Davis

Cap hit in 2020: $6 million

Dead cap: $1 million

Potential Savings: $5 million

Likelihood the team moves on: Possible

Davis is coming off by far the best year of his career as he racked up a whopping 134 tackles, despite playing in only 14 games. Welcome to the Vic Fangio defense where linebackers thrive.

Because of that, if Fangio identifies another linebacker, whether that be in free agency or the draft, Denver could easily move on from the veteran linebacker to open up $5 million. If a better value doesn’t roll around, Fangio will be comfortable working with Davis and Alexander Johnson for another year.

At the Combine, Elway announced the team will pick up Davis’ contract option.

Jeff Heuerman

Cap hit in 2020: $4.375 million

Dead cap: $500,000

Potential Savings: $3.875 million

Likelihood the team moves on: 50-50

Before last season, Elway hooked Heuerman up for another two years at $8 million. But after finding Noah Fant in the first round of the draft, Heuerman took a significant step back in his production from 2018.

If Elway is able to find another tight end in the draft, Heuerman will become expendable. If not, he’ll stay on the team for the final year of his deal.

Brandon McManus

Cap hit in 2020: $4.25 million

Dead cap: $1.25 million

Potential Savings: $3 million

Likelihood the team moves on: Not likely, but possible

Denver’s kicker has the fifth-largest cap hit at his position in 2020, but it’s hard to find consistently accurate kickers. Because of that, the steep price for McManus won’t have Denver moving on. In fact, the team will pick up McManus’ option for 2020, Elway announced at the Combine.

Garett Bolles

Cap hit in 2020: $3.51 million

Dead cap: $1.54 million

Potential Savings: $1.97 million

Likelihood the team moves on: Unlikely

Judging from the way the fans boo when “Holding, offense No. 72” is called during games, this move would be well received from the fan base. But despite leading the league in holdings, Bolles will likely be back in orange and blue for the final year of his rookie deal –unless, of course, the Broncos pick up his fifth-year option for 2021. Elway indicated that a decision on the option would not come until after the draft.

Even if Denver drafts a tackle in the first round, Elway could still hold onto the former first-round pick as a swing tackle or try him at guard.

But today, the most likely scenario is that he will be the Week 1 starting tackle.

DeMarcus Walker

Cap hit in 2020: $1.614 million

Dead cap: $457,520

Potential Savings: $1.156 million

Likelihood the team moves on: Highly unlikely

Walker is not going anywhere, but it has nothing to do with him. With Derek Wolfe, Adam Gotsis and Shelby Harris all set to hit the market, Denver can’t afford to willingly let another defensive lineman leave. Additionally, Walker showed he can still effectively rush the passer when called upon. That alone is worth his affordable salary.

Royce Freeman

Cap hit in 2020: $1.08 million

Dead cap: $498,510

Potential Savings: $581,490

Likelihood the team moves on: Unlikely

Freeman’s job certainly is in jeopardy entering the 2020 season. But it’s his job as the No. 2 running back that’s up in the air, not his place on the team. What will likely happen is Freeman will take over Devontae Booker’s spot as the team’s No. 3 running back and Elway will look for an upgrade behind Phillip Lindsay.