As it turns out, the Broncos’ big-money swing didn’t end up actually costing much.
Yes, the move for Jaylen Waddle cost Denver its first-round pick. Yes, the team absorbed the three years and $50.4 million left in base salary on Waddle’s deal. But in sheer cap-value terms, it’s pennies on the dollar. After restructuring Waddle’s deal post-trade to convert his 2026 salary to a signing bonus, Waddle will cost just $4.9 million against Denver’s cap room in 2026. And if it all goes horribly wrong, Denver can save $8.8 million in cap next offseason if they cut him after June 1, according to OverTheCap. Presto.
As it stands, then, Denver managed to land one of the highest-impact additions of the 2026 offseason without making a massive impact on its financial future. Factoring in the Waddle add, the Broncos now stand at a workable $19 million in available cap room. Plus, they’ll get an $8.2 million bump once Dre Greenlaw’s release processes after June 1.
The franchise now heads into April’s NFL Draft with several remaining roster needs, but just one pick (No. 62) in the first two days of selections. The Broncos’ main avenue for further immediate roster improvement, then, might just come via the buyout or mid-offseason trade market — waters they’ve splashed into before.
Take 2024, for example. After trading for pass-rusher Haason Reddick from the Eagles that April, the Jets knew it would be “next to impossible” to keep starting defensive end John Franklin-Myers on his salary, as then-general manager Joe Douglas once reflected. Denver had been studying Franklin-Myers’ film since free agency began that March, and swooped two days after the draft to send a mere sixth-round pick for a defensive lineman who racked up 14.5 sacks the last two seasons.
“We saw a guy that could rush, get off the ball, and cause disruption,” Broncos defensive-line coach Jamar Cain told The Post this winter, reflecting on the deal. “I was like, ‘Check, check, check.’”
Two years later, with Franklin-Myers now gone to Tennessee, Denver could elect to pull off the same kind of move to replace him. Across the NFL, there’s a fleet of starting-quality names at positions of interest for Denver — tight end, defensive line, and more — sitting on bloated contracts. If any team chooses to tighten the purse strings and cut bait, the Broncos will have the necessary cap flexibility to pounce. At the right price, of course.
With that in mind, The Post reviewed contract data across the NFL to identify a handful of potential salary-cap casualties that could be fits for Denver. Here’s a breakdown.
TE Cole Kmet, Bears
Cap savings for Chicago: $8.4 million if cut pre-June 1, $10 million if cut post-June 1
2025 stats: 16 games, 30 catches, 347 yards, two touchdowns
Here’s the do-everything, in-line tight end that the Broncos have been looking for. Kmet’s usage as a pass-catcher cratered in 2025 as Bears rookie Colston Loveland emerged, and Kmet is an obvious cut candidate for a franchise that currently has all of $243,078 in available cap space, according to Over The Cap. He’d likely have a strong market, and the Broncos already committed three years and $17 million to Adam Trautman. But it remains a definite possibility that Denver could offload Evan Engram (saving $8.8 million in a pre-June 1 trade), creating room for Kmet or another veteran option.
The 27-year-old Kmet primarily played in-line (62%) in 2025, but has demonstrated slot production in three straight years of 50-plus catches from 2021 to 2023. He’s a red-zone option at 6-foot-6, and is an able blocker. He’d fit well into a Sean Payton building, too.
DL Arik Armstead, Jaguars
Cap savings for Jacksonville: $14.49 million if cut post-June 1
2025 stats: 16 games, 5.5 sacks, 28 tackles, eight quarterback hits
If Jacksonville chose to save some coin and offload Armstead with a post-June 1 designation, the 33-year-old defensive lineman would likely be a cost-efficient Franklin-Myers replacement for Denver. The similarities are striking, as interior pass-rushers who have versatility across the line. Armstead was less productive snap-for-snap than Franklin-Myers in 2025, but could also come cheaper than the $7.5 million Franklin-Myers made last season.
Armstead would fit right into the Broncos’ collection of former San Francisco 49ers, from Talanoa Hufanga to D.J. Jones and Mike McGlinchey. Plus, he’s a culture guy, winning the NFL’s Walter Payton Man of the Year award in 2024.
New England Patriots linebacker Christian Elliss (53) celebrates during the first half of an NFL divisional playoff football game against the Houston Texans, Sunday, Jan. 18, 2026, in Foxborough, Mass. (AP Photo/Robert F. Bukaty)
LB Christian Elliss, Patriots
Cap savings for New England: $5.06 million if cut pre-June 1, $7.31 million if traded pre-June 1
2025 stats: 15 games, 94 tackles, three passes defensed, three quarterback hits
The Patriots probably wouldn’t trade Elliss to the AFC foe that came four points from putting them out of a Super Bowl in 2025, making this a much more likely addition if New England cuts Elliss. The Colorado native and Valor Christian alumnus emerged as a starting-level inside linebacker in 2025, and Denver is in need of more linebacker depth after cutting Greenlaw. Elliss could reasonably push Justin Strnad for a starting job or serve as depth and an impact special-teamer, where he’s contributed for a few years between Philadelphia and New England. His brother Jonah also just so happens to be a Bronco.
TE Colby Parkinson, Rams
Cap savings for Los Angeles: $7 million if cut pre-June 1
2025 stats: 15 games, 43 catches, 408 yards, eight touchdowns
Back to the tight-end market. Los Angeles has four capable tight ends on its roster and needs more snaps for 2025 second-round pick Terrance Ferguson, making a Parkinson move obvious here.
The 26-year-old 2020 fourth-round pick would be another strong in-line option for Denver, playing 80% of his snaps there in 2025. Parkinson stands 6-foot-7 and had monster red-zone production in 2025, which would offer a dimension that the Broncos haven’t had at tight end since the days of Julius Thomas. He could be a snug fit in two-tight-end sets with Trautman, too.
Talanoa Hufanga (9) of the Denver Broncos misses a tackle on Breece Hall (20) of the New York Jets during the third quarter at Tottenham Hotspur Stadium in London on Sunday, Oct. 12, 2025. (Photo by AAron Ontiveroz/The Denver Post)
RB Breece Hall, Jets
Cap savings for New York: $14.29 million if traded pre-June 1
2025 stats: 16 games, 243 carries, 1,065 rushing yards, five total touchdowns
Okay, maybe this narrative needs to die. The Broncos have their top-two-RB tandem for 2026 set, with J.K. Dobbins re-signed and RJ Harvey back But Hall-to-Denver will never quite go away as long as he remains without an extension from New York, and as long as former Broncos assistant general manager Darren Mougey remains the Jets’ GM, and as long as Hall’s former college RBs coach Lou Ayeni remains Denver’s running-backs coach.
Denver would’ve gone after Hall had he hit free agency, too. There’s mutual interest here. But there’s no real reason for the Broncos to give up more trade capital to swing on Hall unless there’s a dramatic shift or injury in their backfield.
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