With this in mind, Cole says that the Chiefs, Broncos, Cardinals or Redskins could be likely landing spots for Romo, depending on what happens in the coming months.
Cole adds that Romo would most likely have to be released by Dallas in order for him to end up with one of these four teams, as it’s looking “less and less likely that the team will be able trade him this offseason.”
Of this group, the Broncos and Cardinals make the most sense, considering that the Redskins have said publicly that they want to retain free agent QB Kirk Cousins.
Chiefs HC Andy Reid committed to Alex Smith being back, so unless something changes there, it’s unlikely they’ll be in the market for Romo.
A number of reports have linked Romo to the Broncos. Mike Klis of 9News reported a few days ago that a source in the Broncos’ football department didn’t rule out the possibility of bringing in Romo should he be available.
As for the Cardinals, Carson Palmer is still weighing retirement, so if he elects to walk away, it could make sense for them to target a veteran in the hope of making another playoff run.
If Romo is granted his release, he could choose his next team and prevent them from giving up assets that could be used to build a contender around him as part of a trade. On top of that, Romo may actually be able to negotiate a better contract with his next team, as compensation for him wouldn’t be factored in.
From the Cowboys’ standpoint, they would actually have more flexibility in terms of how they would manage the $19.6 million cap hit. Florio points out that if the Cowboys designate Romo as a post-June 1 release, they would incur a $10.7 million cap hit in 2017 and another $8.9 million in 2018.
Romo, 36, will be entering the fourth year of his seven-year, $119.5 million contract that included $55 million guaranteed. He stands to make base salaries of $14 million (2017), $19.5 million (2018) and $20.5 million (2019).
According to OverTheCap.com, releasing or trading Romo would free up $5.1 million in available cap space while creating a staggering $19.6 million in dead money, which figures to be a huge consideration for the Cowboys.
In 2016, Romo appeared in one game and completed three of four passing attempts for 29 yards and a touchdown for the Cowboys.
We’ll have more regarding Romo as the news is available.