The Broncos and the agent for Elvis Dumervil just made a major blunder that appears to have cost them one of their best players on the defensive side of the ball.
Dumervil reached an agreement to take a pay cut and stay with the Broncos around 1:25 p.m. Friday, but the Broncos say that the agent for Dumervil, Marty Magid, didn’t get a restructured contract signed in time and the team had no choice but to release him.
The team didnt’ get the fax with Dumervil’s signature until 2:07 p.m., seven minutes and one second after the deadline.
The Broncos had to protect themselves at 1:59 p.m. when they had not received a signed deal. Had they not released Dumervil, $12 million would have been guaranteed.
The team could still re-sign Dumervil, but there are salary cap implications. Dumervil’s release gives the Broncos a huge dead money hit and limits their ability to bring him back with a new’ deal.
The team and their pass-rushing defensive end had agreed on a restructured contract that reduces his 2013 salary from $12 million, according to two NFL sources.