Time really is money. Nobody knows that better than Elvis Dumervil and the Denver Broncos.
Dumervil found himself out of a job and the Broncos were without their best defensive end Friday afternoon after they reached an agreement on a new contract but saw it all come undone when tardy filing of the paperwork forced Denver to release him.
A person familiar with the negotiations gave the Associated Press details about the confusion. The person did not want to be identified because the negotiations were not public.
According to that person, Dumervil agreed to take a $4 million pay cut to remain with the AFC West champions for 2013 but his email containing the proper paperwork was not received until 7 minutes after the deadline to send it to the league. Since the deadline had passed the Broncos were on the hook for the $12 million they owed him in the original contract and they had no choice but to cut him.
The Broncos now can start looking at other defensive ends, including Dwight Freeney, in what appears to be a buyer’s market for pass rushers.
Though the parties had agreed on a deal, the odds of Dumervil returning to Denver are diminished because of the significant salary cap hit the Broncos took by cutting him.
Dumervil was second on the team last year with 11 sacks, but Broncos front office executive John Elway asked him to take a pay cut because the $12 million was well over the market price, even for top pass rushers this year. Dumervil led the league in sacks in 2009 (17) and the Broncos, then under coach Josh McDaniels, rewarded him with a six-year, $61.5 million contract. Dumervil received $14 million in 2011 and 2012.
Reed doesn’t sign
Free agent Ed Reed left Houston with no deal in place with the Texans.
The nine-time Pro Bowl safety departed Reliant Stadium after two days of talks. Reed is the Ravens’ franchise leader in interceptions with 61 and 1,541 return yards.
Cards cut Kolb
The Arizona Cardinals have released Kevin Kolb, ending the quarterback’s two injury-filled seasons with the team.
The team’s move came just ahead of the deadline for paying Kolb a $2 million roster bonus. The team paid Kolb some $20 million over two seasons.
Around the league
Greg Jennings signed a five-year contract with the Vikings, leaving Green Bay’s high-octane offense for the ground-and-pound Vikings. The 29-year-old Jennings sat out of much of 2012 because of a torn lower abdominal muscle. … Miami signed tight end Dustin Keller and wideout Brandon Gibson, a former Washington State Cougar, to complete an upgrade of the receiving corps. The Dolphins earlier added Mike Wallace and re-signed wideout Brian Hartline last week. … The New York Jets have signed running back Mike Goodson and fullback Lex Hilliard in free agency. … The San Diego Chargers made deals with two running backs, agreeing to a two-year contract with former Patriot Danny Woodhead and a one-year deal to bring back Ronnie Brown.