Time really is money. Nobody knows that better than Elvis Dumervil and the Denver Broncos.
Dumervil found himself out of a job and the Broncos were without their best defensive end Friday afternoon after they reached an agreement on a new contract, but saw it all come undone when tardy filing of the paperwork forced Denver to release him.
The team needed to get something done by 1:59 p.m. Mountain time, or else it would be on the hook for $12 million they owed him in the original contract.
According to a person familiar with the negotiations, at 1:25 p.m., Dumervil agreed to take a $4 million pay cut to remain with the AFC West champions. But with no signed contract in hand as the deadline approached, the Broncos were forced to cut Dumervil. The team received the signed contract via fax at 2:06 p.m.
Though the parties had a deal, the odds of Dumervil returning to Denver are hampered because cutting him could leave the team with a salary-cap hit of up to nearly $5 million.
Jennings joins Vikings
Wide receiver Greg Jennings left the Packers to sign a five-year deal with the Vikings, giving their bitter NFC North rivals the No. 1 receiver they so desperately needed after trading away Percy Harvin.
Jennings, 29, played in only eight games for the Packers in 2012, plus two in the playoffs, because of a torn lower abdominal muscle and finished with a career-low 366 yards receiving.
Cardinals dump Kolb
The Cardinals released Kevin Kolb, ending the quarterback’s two injury-filled seasons with the team and coming just ahead of the deadline for paying a $2 million roster bonus. Kolb was due to make $9 million this season, and the move reportedly saved $7 million in salary cap space.
Later in the day, the Cardinals signed cornerback Antoine Cason and defensive end Matt Shaughnessy to one-year contracts, bringing their number of free agent signings this week to eight.
No deal for Reed
The nine-time Pro Bowl safety Ed Reed departed Reliant Stadium after two days of talks with the Texans. He arrived in Houston on Thursday morning aboard team owner Bob McNair’s private jet and the team announced on its Twitter site that he was back at its facility Friday . . . The Jets made a number of moves, including two to bolster both sides of the line. Offensive lineman Willie Colon will get a one-year, $1.2 million deal, according to AP. Colon, a Bronx native who played at Hofstra, was a Steelers tackle from 2006-11 but moved to guard last season. It will be a different type of homecoming for nose tackle Antonio Garay, who signed a one-year deal. Garay, 33, spent the last three-plus seasons with the Chargers after being signed off the Jets’ practice squad in December 2009 . . . The Dolphins signed tight end Dustin Keller and wideout Brandon Gibson to complete a much-needed upgrade of their receiving corps. The Dolphins earlier added Mike Wallace, the top pass-catcher in free agency, and re-signed wideout Brian Hartline last week.