According to Field Yates of ESPN, the Denver Broncos have just cleared up $12.375 million in cap space for the 2018 season by reworking Von Miller‘s contract.
Per Yates, $16 million of Miller’s base salary ($18.5 million) for 2018 will be converted to a signing bonus.
Source: the Broncos converted $16M of LB Von Miller's $18.5M base salary into a signing bonus, creating $12.375M in 2018 cap space.
— Field Yates (@FieldYates) March 15, 2018
While the move helps Denver in the short-term, it will spread the cost of Miller’s restructure over the remaining years on his contract ($4 million per year) and push his cap hit up in those seasons.
According to the salary cap / contract tracking website Spotrac, Miller will now carry cap hits of $24.9 million in 2019, $25.4 million in 2020 and $22 million in 2021.
The short-term gain leaves Denver with $42.38 million at present, per Spotrac, but does not include the $16 million reportedly committed to quarterback Case Keenum, the $4 million for cornerback Tramaine Brock or the approximately $3 million for linebacker Todd Davis — all signed on Wednesday.
