Shortly after they released veteran Justin Simmons to save $14.5 million, the Denver Broncos re-signed fellow safety P.J. Locke to a two-year, $7 million contract. Details for that deal are now known.
Locke received a $2 million signing bonus that will be prorated as $1 million salary cap hits over the next two years. This season, his base salary will be $1,245,000 and he can earn an additional $255,000 through game-day roster bonuses. Those numbers combined with his prorating signing bonus will give Locke a total salary cap hit of $2.5 million in 2024.
Next year, Locke’s base salary will increase to $2,990,000, and his game-day roster bonus will jump to $510,000. With his prorated signing bonus included, Locke will have a total salary cap hit of $4.5 million in 2025.
In addition to re-signing Locke, the Broncos have also agreed to terms on a three-year, $20 million contract with pending free agent safety Brandon Jones. Exact details of that contract are not yet known, but it will average about $6.6 million per season.
Jones (roughly $6.6 million), Locke ($2.5 million) and Caden Sterns ($1.13 million) will combine to cost less ($10.23 million) in 2024 than Denver saved ($14.5 million) by releasing Simmons earlier this week.
That’s good cap work from the Broncos.
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