Corry adds that the Broncos will carry a $1 million salary cap charge from the bonus proration relating to Stephenson’s 2018 contract year.
Stephenson, 29, is a former third-round pick of the Chiefs back in 2012. He spent four years in Kansas City before he signed a three-year, $14 million contract that included $10 million guaranteed with the Broncos back in 2015.
Stephenson was set to make base salaries of $4 million over the final two years of the agreement when he agreed to a restructured contract last year.
In 2017, Stephenson appeared in seven games for the Broncos and played 303 total snaps, according to Pro Football Focus.