Field Yates of ESPN reports that the Broncos freed up $1.4 million in cap space on Monday by restructuring P Britton Colquitt‘s contract.
- According to Yates, Denver wound up reducing Colquitt’s 2015 base salary from $3 million to $1.6 million.
It’s likely that the difference will be paid out in the form of a signing bonus and prorated over the remainder of the contract.
Colquitt, 30, signed a three-year extension worth $11.7 million back in 2013. He still has another two years remaining on his deal which includes a base salary of $3.25 million for the 2016 season.
In 2014, Colquitt appeared in all 16 games for the Broncos and posted a net punting average of 37.6 to go along with 25 punts inside the 20 yard line. Pro Football Focus has him rated as the No. 23 punter out of 37 qualifying players.
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