Elvis Dumervil fired his agent Marty Magid after he failed to submit the proper paperwork of his new restructured contract with the Denver Broncos before the team’s 4 p.m. ET Friday deadline.
“It’s terrible, but he said he knows what happened and why it happened,” Magid told USA Today Sports.
Magid said that he thought he got Dumervil’s correct paperwork of his restructured contract that included a 2013 salary cut from $12 million to $8 million to the Broncos on time. However, Magid claims the Broncos changed the terms of the contract that both sides had been discussing all week and didn’t send him the correct copy of the final deal until after 3:30 p.m. ET.
That was less than a half hour before the deadline to submit the new contract to the league office in New York. It took 36 minutes to get there – six minutes too late.
And so, the Broncos were left without any other option but to cut Dumervil or pay his full salary of $12 million for the 2013 season.
But Magid told USA Today Sports that Dumervil spoke with him Saturday, indicating that he wanted to move in different direction.
Magid said that he does plan to waive his right as a fired agent to have Dumervil wait five days to hire a new agent, so his new agent can start working on a new deal immediately. Dumervil is expected to hire CAA, according to a source close with ESPN.
The Broncos asked the NFL league office if they would be willing to honor the verbal agreement on the revised contract the team had negotiated with Dumervil but the request was denied, according to the Denver Post. This has prompted NFLPA executive director DeMaurice Smith to review the incident, according to the newspaper.
“Due to the procedural elements that were involved in executing the new proposal, we imposed a 1 p.m. MDT deadline for a decision, one hour before the NFL’s waiver wire at 2 p.m. MDT. Our deadline was clearly communicated to Elvis’ representative,” Elway said in the statement. “At 1 p.m. MDT, we were informed by Elvis’ representative that he declined our offer. We then prepared Elvis’ termination notice to officially file his release with the NFL office.
“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.”
The Broncos said they did not receive the final signing of the contract papers until 4:06 p.m.
Dumervil initially signed a six-year, $61.5 million contract in 2010 when Josh McDaniels was coaching the Broncos and before Elway was added to the front office.
For now, it is unclear if the Broncos will resign Dumervil because of the new salary-cap implications. The Broncos may have taken a salary cap hit of up to nearly $5 million.
“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,” Elway said. “At this moment, we are discussing all of our free-agency options to determine what’s best for the Denver Broncos.”