Elvis Dumervil was cut by the Broncos after failing to submit his restructured contract to the team by the 4 p.m. EDT.
His agent faxed over the signed contract at 4:06, and the Broncos were forced to cut him at around 3:59 for financial reasons.
It's highly likely that he'll still end up with the Broncos, but he may have to take a substantial pay cut due to his agent's snafu. Or he may get a raise, if he can convince other teams to bid on his services.
The Broncos were (obviously) prepared to cut Dumervil if he didn't agree to restructure his contract, and when his agent missed the deadline, that's exactly what happened.
So how did this all go down in such a high-speed, high-tech world? John Elway explains:
At approximately 1:25 p.m. MDT, however, we were informed that Elvis changed his mind and accepted the same contract we proposed nearly two-and-a-half hours earlier. Although we expressed our concern regarding the time constraints, we were assured that the signed documents would be submitted to us before the league's waiver deadline.
We did not receive the documents from Elvis by the league's deadline and were forced to release him shortly before 2 p.m. MDT.
Due to this situation, there are now salary-cap implications associated with this transaction that we must consider with regard to potentially re-signing Elvis. At this moment, we are discussing all of our free-agency options to determine what's best for the Denver Broncos.
Dumervil's agent says he received the contract from the Broncos at 3:45, and Dumervil was waiting by the fax machine to sign it and send it back.
Some people unfamiliar with fax machines are calling it an antiquated and obsolete piece of technology, but the reality is that unless Dumervil takes 20 minutes to sign his name, there's no reason whatsoever for it to take 21 minutes to sign a document and fax it back to the team.
Dumervil took a pay cut from $12M to $8M in 2013, but he could take even a bigger hit now. By cutting him, the Broncos are now taking a $5M cap hit, so any money they pay him would have to account for that. This could make it difficult for them to justify paying him market value (or anything close to it), since anything they pay him would basically be adding on to that $5M.
On the other hand, they might be forced to re-sign him, because if they just let him go, it will be $5M against the cap for absolutely nothing.
Either way... don't blame the fax machine.