The Denver Broncos agreed to terms on a five-year, $87.5 million contract with right tackle Mike McGlinchey on Monday. The deal will become official on Wednesday, averaging $17.5 million per season.
The details of the contract are now known after being reported by multiple outlets. This season, McGlinchey will have a low base salary of just $2.5 million, similar to guard Ben Powers and his $2 million base salary.
McGlinchey’s $17.5 million signing bonus will be prorated over the course of the contract with $3.5 million cap hits each season. That prorated signing bonus combined with his base salary will give McGlinchey a 2023 salary cap hit of $6 million.
Next year, his base salary will increase to $15 million, giving him a 2024 salary cap hit of $18.5 million. After that, McGlinchey will have a base salary of $17.5 million and a 2025 cap hit of $21 million.
Denver will then have the choice to pick up or opt out of the final two years of McGlinchey’s contract. If the Broncos opt out, they will eat $10.5 million in “dead money” and not have to pay the remaining $31.5 million owed in 2026-2027.
If Denver picks up the option, McGlinchey will have a base salary of $16.99 million, a $500,000 roster bonus and a 2026 cap hit of $21 million. The figures are exactly the same as the next year for a 2027 cap hit of $21 million.
This contract is structured very similarly to the Powers’ deal. It’s a team-friendly contract that gives the Broncos a low cap hit this season and the flexibility to get out of the deal down the road if things don’t work out.
Combined, Powers and McGlinchey will cost Denver just $11.25 million in salary cap space this season.
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Story originally appeared on Broncos Wire