The Denver Broncos are releasing two-time Pro Bowl safety Justin Simmons after eight seasons with the team.

The move announced Thursday will cost the financially strapped team $3.75 million in dead money but will save $14.5 million against the salary cap.

“Justin Simmons’ impact as a Denver Bronco extends far beyond his exceptional play during eight seasons with our organization,” the Broncos said in a statement. “In addition to growing into an All-Pro and team captain, Justin became our perennial Walter Payton NFL Man of the Year devoted to uplifting others and using his influence for positive change.

“Whether it was in Denver or his hometown of Stuart, Florida, Justin inspired and mentored countless youth while providing unwavering support to the community. The hundreds of hours he spent at the Denver Broncos Boys & Girls Club will be as much a part of Justin’s legacy with the Broncos as his leadership, dependability and many interceptions. Justin will always be a Bronco, and we thank him for the outstanding manner in which he represented our organization on and off the field.”

The 30-year-old Simmons, who arrived as a third-round pick in 2016, was the Broncos’ longest-tenured player. He never appeared in a playoff game.

He made 15 starts last season and tallied 70 tackles, three interceptions and one sack, earning his second Pro Bowl selection (also 2020). He leaves Denver with 30 interceptions (tied for seventh in franchise history), 64 passes defensed and 604 tackles.

The Broncos incurred a record $85 million dead money charge by releasing quarterback Russell Wilson. They came into this week about $16 million over the $255.4 million salary cap, per ESPN.

–Field Level Media