After months of waiting – and pretending that watching prospects run drills in Indianapolis is exciting – the first real event of the Denver Broncos’ 2025 offseason, free agency, is right around the corner.
Free agency can be a rollercoaster for fans, as the excitement of adding new talent often fuels the urge to sign every big-name player available, and Broncos fans aren’t immune to that feeling the same way. There are plenty of significant holes on the roster that need to be addressed, and the deep pockets of the Walton-Penner Group provide plenty of financial flexibility, which could easily lure one into a spending spree.
However, history has shown that measured approaches to free agency often yield the best results, as the teams who spend the most money do not always improve. See the Tennessee Titans, who floored it and went on a massive spending spree last offseason, but are now picking first overall.
Expect the Broncos to have less of a lead foot, being aggressive yet calculated.
There are many nuanced layers to the Broncos’ offseason, which can directly affect each other, especially in this upcoming free-agent cycle. Let this article be your guide, so that you understand the exact type of moves Denver will make in the coming days.
How Can the Denver Broncos Free Up More Cap Space?
The Broncos currently have $41 million in spending money, per Over The Cap, good for 15th in the league, which offers them plenty of room to be aggressive. While they are not expected to hand out Dodgers-esque contracts this cycle, there are still plenty of ways they can create more cap space if needed.
Cut LB Alex Singleton – $5.6 Million in Savings
A cool story and willing tackler on the field, Alex Singleton has quickly become a fan favorite during his three years in Denver. Unfortunately, his season-ending ACL injury last season combined with his $6.9 million cap hit makes the 32-year-old expendable. He may agree to a restructured deal, similar to Tim Patrick last offseason, but it would be quite surprising if he is kept at this number.
Cut S P.J. Locke – $4.2 Million in Savings
The odds were against P.J. Locke from the beginning, as it is an impossible task to replace a franchise legend like Justin Simmons. Unfortunately, not only did he fail to live up to expectations in his first year as a starter, but also proved to be a major liability in several key moments. The Broncos will look to improve this position, and Locke’s $5.2 million cap hit makes it hard to justify his roster spot if he is not the starter.
Cut CB Damarri Mathis – $3.4 Million in Savings
A fourth-round pick in 2022, Damarri Mathis has provided a “fine” return on investment for the Broncos as a depth piece in the secondary. He hasn’t earned a starting role and has even tumbled toward the bottom of the corner rotation, but he also hasn’t been bad enough to move on from. However, his salary now comes into play, as he is set to earn $3.5 million this year and has no guaranteed money left on his deal. That is quite steep for a fifth corner, and could very well lead to his release.
Restructure OT Mike McGlinchey – $12.2 Million in Savings
McGlinchey has been a great signing by the Broncos, as he has provided more than stable play at right tackle and stayed relatively healthy. That stability provides a clear path for him to remain on the roster for the remainder of his contract, which makes a second restructure of said contract easier to swallow.
Mike McGlinchey demonstrates how to properly finish a block in pass pro
— Ross (@Ross_MHR) October 21, 2024
Heckuva first play back from injury
Full film review on @MileHighReport #Broncos #BroncosCountry pic.twitter.com/xsawPxw8Zu
This should only be done if the Broncos decide to take a swing on a big name, because, although it would create a ton of additional cap space this offseason, it would give McGlinchey a much larger cap hit in future years and limit the team’s ability to move off him.
Extend DT Zach Allen and/or WR Courtland Sutton – TBD in Savings
These potential extensions have been rumored for some time and could affect the Denver Broncos 2025 cap space. Both Allen and Sutton have high cap hits this year, with Allen earning $19.7 million and Sutton earning $20.2 million. Extensions could push some of that money into future years, freeing up additional space for Denver to use. EDGE Nik Bonitto is also an extension candidate, but signing him to a new deal wouldn’t affect the team’s 2025 number.
Cap Range
If the Broncos were to make all of these moves, they could free up as much as $75 million in cap space, giving them a potential range of $41-75 million to work with. While it’s unlikely they’ll reach the upper end of that range, it highlights how well the roster is constructed and how much flexibility they have to make moves if necessary.
Who Could the Denver Broncos Try to Re-Sign?
Truthfully, there aren’t many high-end contributors that the Broncos should be looking to re-sign before they hit the open market, as most fall into the category of ‘role players’. Still, their jobs are fairly important and could lead to some new extensions with the team.
DT D.J. Jones
Jones is by far the biggest piece of the puzzle the Broncos have set to hit free agency. He is a stout run defender – and the team’s only starting defensive lineman over 300 pounds – which makes him a difficult piece to replace.
Among a unit of superstars, no defensive linemen on the team brought me more joy to watch this season than DJ Jones. If he isn't back in Denver next season I hope he ends up with a true contender. pic.twitter.com/OF1WBBsnky
— Frankie Abbott (@FrankiesFilm) February 5, 2025
However, he may command over $10 million per year on the open market, which could be too rich for the Broncos. General manager George Paton said they would love to have Jones back, so the team will certainly make an effort to re-sign him, but there’s a healthy chance they’ll be outbid for his services.
LB Cody Barton
A low-risk signing last offseason, Barton exceeded his contract value for the Broncos in a weak linebacker room. He was by no means a star, but still offered respectable production and flashed some good moments in coverage. However, the linebacker group as a whole regressed towards the end of the year, and Barton unfortunately played a role in that. The Broncos should consider extending Barton to compete with fellow linebacker Drew Sanders, but only at a low average annual value (AAV) of maybe $3-4 million.
QB Jarrett Stidham
Bo Nix is currently the only quarterback tied to the Broncos for the 2025 season, as backups Jarrett Stidham and Zach Wilson are both free agents. Between the two, Stidham makes more sense to retain, as he is a solidified backup in the league and has a great relationship with both Nix and Sean Payton. He could likely be brought back on a cheap deal in the range of $4-5 million AAV and could help guide Nix as he continues to grow as a quarterback.
If the Broncos don’t keep either Stidham or Wilson, 9News’s Mike Klis reported that Carson Wentz, Marcus Mariota, or Josh Dobbs could be potential replacements.
P Riley Dixon
A former Broncos draftee in 2016, Riley Dixon returned to Denver two years ago and has been a serviceable punter for the orange and blue. While he hasn’t blown anyone away, he is ranked in the top 10-15 of many punting metrics per Joe Mahoney from Mile High Report. New special teams coordinator Darren Rizzi could certainly look to upgrade here, but Dixon is reliable and should be cheap, likely costing between $2-3 million per year.
ERFA’s: CB Ja’Quan McMillian, EDGE Dondrea Tillman, DE Jordan Jackson, TE Lucas Krull, S Devon Key
The next tier of free agents, including key contributors like Ja’Quan McMillian and Dondrea Tillman, are exclusive rights free agents. This means that they are under team control and cannot negotiate with other teams. Denver will be able to tender each player for a salary close to the league minimum (ranging between $840k-$1.2 million), providing cheap depth that helps fill out the roster.
Role Players: WR Lil’Jordan Humphrey, CB Tremon Smith, OT Matt Peart, FB Michael Burton, OL Quinn Bailey, LB Zach Cunningham
The rest of the free agents fall into the “role player” group mentioned earlier, as these are all veterans who could be re-signed for cheap backup or rotational roles. The most notable names include Lil’Jordan Humphrey and Tremon Smith, as Humphrey provides physicality and blocking to the receiver room while Smith is a key special teams ace. Every name on this list could likely be brought back for around $1-2 million AAV.
Who Will The Broncos Let Walk?
While many of the Broncos’ free agents are worth retaining at the right price, some will likely be allowed to test the market. Underperformance is the main reason for moving on from certain players, but financial considerations also play a role. Furthermore, D.J. Jones could also be among those the team lets walk if his price becomes too high.
RB Javonte Williams
One of the more unfortunate stories on the team, Williams was on a path to stardom before suffering a brutal knee injury in 2022. He has not been the same player since this injury and has lost much of his explosiveness and tackle-breaking ability, ranking last in the NFL among 41 qualified backs in yards after contact per carry this season.
Despite this, he remains a proven pass protector and provides some receiving ability out of the backfield, so there is value in adding him to a committee of backs. That said, he will likely look for a fresh start outside of Denver.
QB Zach Wilson
As mentioned earlier, the Broncos will likely have to choose which backup quarterback to retain this offseason between Zach Wilson and Jarrett Stidham. While both make sense for different reasons, Wilson figures to have much more of a market than Stidham, as he is a former No. 2 overall pick with starting-caliber upside. Not only could that price Wilson out of Denver, but there is no clear path for him to ever become the starter over Nix. If Wilson still has starter aspirations, he’ll likely leave to find them elsewhere.
LB Justin Strnad
A fifth-round pick in 2020 who has mostly been a special teamer, there were a few fun weeks where Strnad looked like a quality starting player in place of Alex Singleton. Alas, this did not last long, as Strnad was regularly picked on in coverage at the end of the season and consistently struggled to stop the run. It was a worthwhile experiment, but the Broncos would likely be better off looking for different options.
