NFL Network Insider Ian Rapoport reported Flacco's situation regarding his future (and his financial impact) should be resolved Wednesday, likely leading to a release, per a source informed of the situation.
Flacco is still on the contract he signed with the Baltimore Ravens back in 2016, well before the Ravens were Lamar Jackson's team and even before the Broncos were interested in adding a veteran to fill the place vacated by Peyton Manning's retirement. That contract calls for Flacco to make $20.25 million in 2020, accounting for $23.65 million of Denver's cap. If the Broncos wanted to move on from him, they'd have to carry a dead cap of $13.6 million, no small figure but also not quite an albatross.
Flacco will hit the open market as a backup option at the position, no longer carrying the financial burden that might have scared teams off in past offseasons. We should expect him to attract some interest, even if he hasn't been in the spotlight for a while now thanks to a neck injury that cut his 2019 season short.
The move is also a necessary one for Denver after it acquired defensive tackle Jurrell Caseyin a trade Wednesday. The 30-year-old Casey brings a cap hit of $11.78 million with him to the Rocky Mountains, forcing the Broncos to make some cap room in a hurry. Though the $13.6 million of dead cap is a healthy amount, it's worth trimming $10 million in space.