A day after the Broncos finally got linebacker Von Miller’s signature on a contract, there’s one point that needs to be made based on the structure of the deal.
As a practical matter, Miller is likely guaranteed to make at least $78 million under the contract.
The math is basic, which once again qualifies me to do it. Miller gets $23 million to sign, $2 million fully guaranteed in 2016 compensation, and $17 million in 2017 compensation, fully guaranteed at signing. That’s $42 million fully guaranteed at signing.
Next March, another $19 million in 2018 compensation becomes fully guaranteed. Unless the Broncos plan to cut Miller, paying him $42 million for one year and carrying $35.4 million in dead money, the next $19 million will vest.
In March 2018, another $9 million in 2019 compensation becomes fully guaranteed. Unless the Broncos plan to cut Miller, paying him $61 million for two years and carrying $32.8 million in dead money, the next $9 million will vest.
In 2019, with $9 million of $17.5 million already fully guaranteed, the question becomes whether the Broncos are willing to let him walk after getting $70 million for three years or extend his stay by one year for another $8.5 million in new money.
And so the end result of the contract principally negotiated by Joby Branion and Carmen Wallace is that Miller most likely will make $78.5 million over four years. The final two years, at a total haul of $36 million, aren’t guaranteed; whether Miller makes that money will depend on his health, his effective, the market for pass rushes, and Denver’s options at the position.
