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Cowboys Releasing QB Tony Romo Thursday

Update:

Adam Schefter and Todd Archer reporting that the Cowboys are, in fact, releasing Tony Romo on Thursday.

  • Pro Football Talk reports that the Cowboys will designate Romo as a Post-June 1 release, which will spread out his cap hit over two years.
  • According to Ian Rapoport, Romo is not expected to quickly sign with a team and will take a “Manning-like” tour around the league to explore all of his possible options.

According to OverTheCap.com, releasing Romo as a post-June 1 release will free up $14 million in available cap space while creating a staggering $10.7 million in dead money.

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Jason La Canfora is hearing that there’s a “very strong likelihood” that the Cowboys will release veteran QB Tony Romo on Thursday, barring a strong trade offer.

  • La Canfora adds that once Romo is on the open market, he will have “significant interest” in signing with the Broncos and Texans.

Mike Klis of 9News reported earlier in the week that Broncos GM John Elway is prepared to pursue Romo if/when he’s officially released by the Cowboys.

An agent source tells Klis that the Broncos are actually Romo’s preferred landing spot. However, Denver won’t be the only team in the mix to sign Romo.

One of these teams is expected to be the Texans, but there are some questions about allocating more money to the quarterback position after they spent big money to get Brock Osweiler last year.

Meanwhile, the Broncos have a great defense and are well positioned for him to step in and win games. On top of that, they would be able to pay him a market-value deal. Although, many expect it to include a reasonable base salary to go along with incentives based on performance and playing time.

Romo, 36, is 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).

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.