Overcome Largest Dead Money by the Denver Broncos

The Denver Broncos’ 2024 season stands as a masterclass in NFL salary cap resilience—overcoming the largest dead money hit in franchise history ($39.3 million) to not just avoid a rebuild, but emerge as a playoff contender. Dead money, the cap space allocated to players no longer on the roster or tied to restructured contracts, had threatened to cripple the Broncos’ ability to sign key talent and field a competitive team. Instead, general manager George Paton’s front office combined creative cap management, tough roster cuts, and targeted signings to turn a financial albatross into a catalyst for success. By the end of the season, the Broncos had not only navigated the dead money burden but also locked up core players long-term, proving that even massive cap challenges can be overcome with strategic planning and on-field execution. Overcome Largest Dead Money by the Denver Broncos thus details the step-by-step journey of how the team turned fiscal adversity into a competitive advantage.

The origins of the Broncos’ record dead money hit trace back to a 2023 contract restructuring with quarterback Russell Wilson. After Wilson struggled in his first two seasons in Denver (posting a career-low 84.4 QB rating in 2023), the Broncos faced a dilemma: release him and take an immediate \(85 million dead money hit (the largest in NFL history at the time) or restructure his deal to spread costs over future years. Paton opted for the latter, converting \)49 million of Wilson’s 2024 salary into a signing bonus—a move that pushed \(39.3 million of dead money into the 2024 cap. This decision provided short-term relief to sign free agents in 2023 but left the Broncos with just \)12 million in cap space entering 2024, among the league’s lowest. “This wasn’t a choice to kick the can down the road—it was a calculated bet on Russell’s ability to bounce back and our team’s capacity to adapt,” Paton explained at the time. The risk was high: a misstep in cap management could have left the Broncos stuck in mediocrity for years. But the front office’s confidence in their plan laid the groundwork for overcoming the dead money challenge. Overcome Largest Dead Money by the Denver Broncos thus frames this restructuring as the critical first step in the team’s financial turnaround.

To create breathing room under the cap, the Broncos first executed a series of tough but necessary roster cuts—parting ways with high-priced veterans who no longer fit Sean Payton’s scheme or had underperformed. The most notable move was releasing defensive end Randy Gregory, whose \(14 million 2024 salary (with just \)2 million in dead money) was deemed excessive for a player who had recorded only 5 sacks in two seasons. The team also cut backup quarterback Jarrett Stidham (\(5 million salary) and tight end Albert Okwuegbunam (\)3.2 million salary), freeing up nearly \(20 million in cap space. These cuts weren’t popular—Gregory had been a marquee free-agent signing in 2022—but they were essential to prioritize impact over sentiment. “Every dollar we saved was a dollar we could reinvest in players who would help us win now,” said Broncos salary cap analyst Mike Bluem. The Broncos didn’t stop there: they restructured the contracts of three core veterans—left tackle Garett Bolles, defensive tackle D.J. Jones, and linebacker Alex Singleton—converting base salary into signing bonuses to free up an additional \)12 million. By the end of the offseason, the Broncos had turned \(12 million in initial cap space into nearly \)44 million, enough to address critical roster gaps. Overcome Largest Dead Money by the Denver Broncos thus highlights these cuts and restructurings as the foundation of their financial recovery.

The Denver Broncos then used their newly freed cap space to make value-focused free-agent signings—prioritizing players who fit Payton’s scheme and came with team-friendly contracts, rather than splashy, high-priced stars. The centerpiece addition was guard Robert Hunt, a Pro Bowler with the Miami Dolphins who signed a five-year, \(95 million deal—but with a backloaded structure that paid him just \)12 million in 2024 (well below the market average for top guards). Hunt immediately anchored the offensive line, allowing just 1 sack all season and grading 82.1 in run blocking (per Pro Football Focus). The Broncos also signed edge rusher Frank Clark (one year, \(9 million) to boost their pass rush and running back Latavius Murray (one year, \)3.5 million) to complement Javonte Williams. These signings weren’t just affordable—they were impactful: Clark recorded 8 sacks, and Murray converted 85% of his short-yardage carries. “We didn’t have the luxury to overspend, so we targeted players who understood our mission and were willing to bet on themselves,” Paton said. The Denver Broncos’ focus on value over volume paid off, as these signings turned a thin roster into a competitive one—despite the massive dead money hit. Overcome Largest Dead Money by the Denver Broncos thus underscores how smart free-agent strategy turned financial constraints into a strength.

The Denver Broncos further offset the dead money hit by leveraging a often-overlooked NFL rule: cap carryover. The team carried over \(8.7 million in unused 2023 cap space into 2024—a “rainy-day fund” that proved critical for midseason adjustments. When backup quarterback Jarrett Stidham suffered a knee injury in Week 6, the Broncos used \)5 million of the carryover to sign Gardner Minshew (one year, \(5 million), a reliable veteran who won two starts when Wilson was sidelined. Later, when defensive tackle D.J. Jones needed rest for a calf strain, the Broncos used another \)3 million to acquire Jeffery Simmons via trade from the Tennessee Titans—who recorded 4 sacks in 10 games and solidified the run defense. Without the carryover, the Broncos would have been unable to make these in-season moves—both of which were pivotal to their playoff run. “Cap carryover is about planning ahead,” Bluem said. “We knew the dead money would limit us early, so we saved unused space in 2023 to give us flexibility in 2024. It’s a small detail, but it made all the difference.” The Denver Broncos’ foresight in using cap rules to their advantage showed that overcoming dead money isn’t just about cutting costs—it’s about strategic preparation. Overcome Largest Dead Money by the Denver Broncos thus frames cap carryover as a key tool in their financial toolkit.

Ultimately, the Denver Broncos overcame their largest dead money hit because on-field success validated their financial strategy—turning a potential lost season into a 10-7 record and an AFC Wild Card berth. Wilson bounced back in 2024, posting a 92.1 QB rating and leading the Broncos to four fourth-quarter comebacks. The offense, fueled by Hunt and the revamped line, ranked 12th in total yards, while the defense (bolstered by Clark and Simmons) finished top-10 in sacks and takeaways. This success didn’t just make the dead money hit easier to swallow—it proved the front office’s bet on Wilson and value signings was correct. “Wins fix a lot of financial problems,” Payton said after the Broncos’ playoff-clinching win. “Our players didn’t use the dead money as an excuse—they used it as motivation to prove we could compete, even when the odds were against us.” The Broncos’ turnaround also set them up for long-term success: Wilson’s contract becomes more cap-friendly after 2024, and the team has already freed up $45 million in cap space for 2025 by extending core players like Bolles and edge rusher Nik Bonitto. Overcome Largest Dead Money by the Denver Broncos thus concludes by emphasizing that overcoming dead money isn’t just about finances—it’s about belief in the team’s vision, resilience in the face of adversity, and the ability to turn challenges into stepping stones for success.