Clayton: Picking up Von Miller’s option is good gamble for the Broncos

The 2011 NFL Draft was a great class. But now, ten years later, a lot of big decisions are being made about the guys selected near the top. Cam Newton was the first overall pick and won an MVP during a great career in Carolina, but now his future is up in the air after playing last season in New England. Patrick Peterson went fifth to Arizona and made eight Pro Bowls, but he may not be back in the desert next season. Arguably the two biggest stars from that class have been J.J. Watt and Von Miller.

Watt was drafted 11th overall to the Texans and earned three Defensive Player of the Year awards, but was granted his release by Houston earlier in the offseason. The second overall pick that year, Von Miller, has been to eight Pro Bowls and is a former Super Bowl MVP, but his future in Denver remains uncertain. We gained some clarification on the class Monday as Watt will be joining the Cardinals on a two-year deal worth $31 million. That brings us to the subject of what the Broncos and new general manager George Paton are going to do with Miller.

I fear the Broncos are going to let Miller go. I hope they give him the chance to stay by working out a new contract, he’s 31 years old, but might be able to still play some great football. Paton could be looking to save the $18 million that Miller would earn in 2021. If the salary cap is going to be around $180 million, the Broncos are already sitting in pretty good shape. They have more than $26 million after letting Jurrell Casey and A.J. Bouye go. They can free up more space, if they need it, by letting Miller walk. It’s nice to have cap room, and it’d jump to $44 million if they released the pass rusher, but that’s not the only option.

The way Miller’s contract works, there’s a $7 million guarantee he’s scheduled to receive on the first day of the new league year which is March 17th. The Broncos can pick up his option, and that’s the amount Miller would receive. If the Broncos opt out of his contract, they let one of their greatest players in franchise history become a free agent.

I think it’s worth $7 million to buy time and see if the Broncos can figure out a way to keep Miller. After picking up the option, if he hasn’t fully recovered from his ankle injury or just isn’t working out, the Broncos could cut Miller in training camp and just be out the $7 million. It’s a gamble, but a gamble worth taking for Paton.