Denver’s first big decision will be what to do with left tackle Russell Okung and his $1 million option. Picking up Okung’s option by March 8 would kick in a four-year, $48 million contract with $20.5 million guaranteed. It would be a surprise if the Broncos did so based on Okung’s up-and-down play in 2016 but the weakness of the free agent market makes it a possibility.
Another option would be to see if Okung would accept a pay cut and restructure his contract. If Okung doesn’t go for that, he would likely find himself on the low-supply, high-demand left tackle free agent market hoping to receive more interest.
Cincinnati’s Andrew Whitworth, 35, is the only legitimate left tackle on the free agent market who could be considered an upgrade over Okung, 29. It’s also unwise to count on a rookie starting left tackle, particularly in a down offensive tackle draft class.
The Broncos could have more than $40 million in cap room when free agency begins March 9, but many teams are seeking offensive line upgrades. CBS salary cap analyst and former agent Joel Corry said the Broncos should consider offering Okung an $8 million a year restructure.
It’s unlikely Okung would accept that figure, which is equal to what he made in 2016 after playing time incentives are figured in. After proving he could stay healthy for 16 games with the Broncos, Okung, who negotiated his deal without an agent, would have little incentive to drastically decrease his pay. Kansas City’s Eric Fisher set the market for average-to-solid left tackles when he signed a four-year, $48 million extension with $22 million guaranteed in July.
That would leave Denver with four choices: begrudgingly pick up the option, exercise the transition tag between February 15 and March 1 for a one-year deal between $12-13 million, try to entice Okung to restructure at a happy medium or let him go.