After center Will Montgomery's contract was filed with the NFL last week, the Denver Broncos used up most of what had been allotted to spend in these initial weeks of free agency. And they intend to stick to the budget.
"You know you're going to have some bumps in the road and we don't want to get so close [to the limit] you can't adjust," is how Broncos executive vice president of football operations/general manager John Elway has put it. "We'll ease back after our initial work and keep our eyes open."
Montgomery signed a one-year deal last week that carries a salary cap hit of just more than $1.5 million. Montgomery will get a $50,000 roster bonus in August to go with another $75,000 bonus in Week 1 of the regular season.
Before the signing the Broncos had just under $6 million worth of workable salary cap space, so that total is close to $4 million at the moment. That figure includes just the top 51 players and with the May draft still on the docket. The Broncos will need to keep enough room to count all 53 players on the roster when final roster cuts are made this summer and to cover the potential of players on injured reserve.
The Broncos currently have seven picks in next month's draft and have allotted room for that.
So unless they want to release a player, they're largely done signing any free agent beyond a no-bonus, one-year minimum deal. Because they have spent most of the cash they had on hand in recent weeks, the Broncos have even tweaked the last two deals they've done -- Montgomery and Emmanuel Sanders -- to pay the bonuses later.
Sanders gets the actual payment of the bulk of his "up front" money in a bonus payment next year.
Before free agency started the Broncos were among the teams in the best shape in terms of "dead" money -- salary cap charges for players no longer on the roster -- but did add a bit in recent weeks. They are still among the 11 teams with fewer than $6 million in dead money charges, but they added the bulk of theirs since the end of the season and the start of free agency.
They took a $2.1 million hit when the second year of Dominique Rodgers-Cromartie's original contract voided five days after the Super Bowl. They also took a $1.83 million dead money charge when Chris Kuper retired last month.
Those two players account for 67.8 percent of the Broncos' current dead money total. The charge for the player who has been gone the longest is $500,000 for running back Willis McGahee, who was released last spring.