According to ESPN’s Field Yates, the Denver Broncos did a simple restructure to right tackle Mike McGlinchey’s contract to free up over $11 million dollars in cap space.

According to Spotrac, the Broncos converted $13.875M of McGlinchey’s 2024 salary into a signing bonus, adding 1 void year, and clearing $11.1M of cap for the team.

McGlinchey signed a 5 year, $87,500,000 contract with the Denver Broncos just last year and this restructure gives the team some much-needed cap space. As we know, the team was roughly $16+ million over the cap at the start of the week and had to make moves to get under that threshold. They released longtime veteran safety Justin Simmons and tight end Chris Manhertz while restructuring the contracts of Tim Patrick and now Mike McGlinchey to get under the cap.

And more cap space for Denver, as the team did a simple restructure of the contract of OT Mike McGlinchey, creating another $11M in room. https://t.co/6uKTYYfSdr

— Field Yates (@FieldYates) March 8, 2024

These moves should have the Broncos roughly around $20 million dollars in cap space currently(rough estimation) with multiple more moves including restructures, releases, and possibly a trade or two to free up even more cap space.

McGlinchey signed a five-year deal and is expected to be here for the long run and this restructure likely ensures that. As expected, he struggled a bit as a pass protector in his first season with the Broncos but excelled as a run blocker. The team will need him to improve as a pass blocker while continuing to be a standout in the run game moving forward.

The Broncos are not expected to be major players in free agency but with this extra cap space, they should be players in the second wave of free agency. Expect them to add a veteran quarterback, likely a tight end, and potentially some depth at linebacker, cornerback, safety, and some run defenders along the defensive line.