ENGLEWOOD, Colo. — Drew Lock was not a holdout.
He might have been a day late. He might have missed his physical exams that the rest of his Broncos teammates took Wednesday morning and the team meeting that night.
But a few hours into the report date – or a few months of contract impasse depending on when one started the negotiating clock – Lock and the Broncos agreed on a four-year deal Wednesday afternoon that will be worth around $7 million. The deal includes a $3,118,776 signing bonus.
It also included a $75,000 workout bonus converted from year 3 salary in 2020 and $100,000 workout bonus converted from year 4 salary in 2021 – the exact same special provision the Broncos gave guard Dalton Risner, who was the No. 41 draft pick back in April. Lock was taken with the very next pick at No. 42.
Workout bonus conversions are essentially cash flow sweeteners -- players get paid workout bonuses before they get paid their salaries. While only five of 32 second-round picks received the special workout provision, most agents and NFL executives would not classify workout bonuses as the “quarterback premium” sources say Lock’s agents were seeking.
Lock was expected to sign his contract in time to be at the team's first practice that is to begin at 9:15 Thursday morning.
Only had Lock not reached a contract agreement by the Broncos’ first practice would he have been officially classified as a holdout.
Lock could not have afforded to miss much of training camp as the Broncos are playing in the Hall of Fame Game on August 1. Even without a holdout, the Broncos have just two weeks to prepare. And like most rookies, Lock can use all the reps he can get.
He is expected to open camp as the Broncos’ No. 3 QB behind starter Joe Flacco and veteran Kevin Hogan.
"That will all get resolved," Elway told 9News of Lock’s unofficial contract holdout a few hours before an agreement was reached. "It’s just part of this day and age of the way things go and that’s how the business works. I anticipate that getting done relatively soon because everyday he misses it’s going to set him back. Hopefully he realizes that and takes control of that and he’ll be here. Hopefully that’s today."
It was indeed.
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