In a move that will down as one of the biggest blunders in Broncos history, the team today was forced to cut Elvis Dumervil after his agent filed paperwork for him to take a pay cut too late.
Dumervil reached an agreement to take a pay cut and stay with the Broncos around 1:25 p.m. Friday, but the Broncos say that the agent for Dumervil, Marty Magid, didn’t get a restructured contract signed in time and the team had no choice but to release him.
The team didnt’ get the fax with Dumervil’s signature until 2:07 p.m., seven minutes and one second after the deadline.
The Broncos had to protect themselves at 1:59 p.m. when they had not received a signed deal. Had they not released Dumervil, $12 million would have been guaranteed.
The team could still re-sign Dumervil, but there are salary cap implications. Dumervil’s release gives the Broncos a huge dead money hit and limits their ability to bring him back with a new’ deal.
The team and their pass-rushing defensive end had agreed on a restructured contract that reduces his 2013 salary from $12 million, according to two NFL sources.
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