ENGLEWOOD, Colo. — Broncos outside linebacker Von Miller has agreed to convert a big chunk of his salary for next season into a signing bonus to help the team clear salary cap space.
Miller is converting $16 million of his $18.5 million salary into the signing bonus, which can be prorated against the salary cap over the length of the six-year contract.
The conversion means Miller’s salary cap hit will be reduced by $12,375,000, going from $22.5 million to $10,125,000.
The move frees up money for the Broncos to acquire more free agents after agreeing to a two-year deal with quarterback Case Keenum earlier this week.
The Broncos are hoping to add a right tackle, cornerback and tight end. The team kept linebacker Todd Davis by agreeing to a three-year, $15 million deal with him on Wednesday.
After Miller won the Super Bowl 50 MVP for the Broncos’ 24-10 win over the Carolina Panthers for their third championship, he was rewarded with a six-year, $114.5 million contract extension.
At just more than $19 million a year, Miller is the league’s highest-paid defensive player.