Tom Pelissero of NFL Media reports that the Broncos restructured QB Joe Flacco‘s contract in recent days and converted $17 million of his base salary into a signing bonus while adding two voidable years to the agreement.
This move created $13.6 million of cap space for the team and Flacco is still owed $20.25 million in 2020 and $24.25 million in 2021.
Flacco, 34, is a former first-round pick of the Ravens back in 2008. The Broncos agreed to trade a 2019 fourth-round pick to the Ravens for Flacco this past March.
Flacco is currently in the third year of a six-year, $125 million contract that contained $44 million guaranteed and set to make base salaries of $18.5 million (2019), $20.25 (2020) million, $24.25 million (2021) over the remainder of the contract.
In 2018, Flacco appeared in nine games and completed 61.2 percent of his passes for 2,465 yards to go along with 12 touchdowns and six interceptions for the Ravens. He has also rushed for 45 yards. Pro Football Focus had him rated as the No. 22 quarterback out of 38 qualifying players.