Report: Broncos Reworking Peyton Manning’s Contract To Try To Keep Julius Thomas

According to Jason Cole of the Bleacher Report, the idea of the Broncos restructuring QB Peyton Manning‘s contract could free up to $7-$9 million in cap space that they could use to retain some of their free agents.

Cole specifically mentions that WR Demaryius Thomas, DT Terrance Knighton, and TE Julius Thomas as three guys Denver could work to retain with the cap savings.

However, Cole adds that there concerns from the Broncos to about Knighton and Thomas, but they could still attempt to bring them back.

Even with the reported concerns, Manning could push the Broncos to retain Thomas because he happens to be Manning’s favorite red-zone target.

Mike Klis of the Denver Post reported a few days ago that the Broncos and Manning’s representatives have been working on revised contract and the hope is that they’ll be able to reach an agreement on a revised deal by early next week.

Meanwhile, recent reports have said that Thomas is likely to draw interest from teams like the  Falcons and Jaguars.

Manning, 38, has another two years remaining on his five-year, $96 million contract, which includes base salaries of $19 million for the 2015 and 2016 seasons.

If he’s still on the Broncos’ roster as of March 9, his $19 million salary for the 2015 season would become fully guaranteed.

Thomas, 26, may have had a disappointing end to the season, but he still caught 43 passes for 489 yards receiving and 12 touchdowns over the course of 13 games. Pro Football Focus has him rated as the No. 13 tight end in the league out of 67 qualifying players.

We have Thomas listed as the No. 9 player in our Top 100 Free Agents list.