Are Broncos willing to keep Ja’Wuan James (big money) after re-signing Garett Bolles (big money)?

Just two months ago, the question would have been met with a smirk, and maybe a guffaw, and probably a head-shake.

What will be the value of left tackle Garett Bolles’ next Broncos contract?

Even with visible progress over the final half of last season, the notion of Bolles signing a long-term deal to stay with the Broncos seemed like a long-shot, particularly after the Broncos declined his fifth-year option.

Until Saturday.

Amidst the team’s quarterbacks being ruled ineligible for Sunday’s game against New Orleans because of contact tracing, Bolles signed a four-year contract that is worth $68 million, a league source said — the $17 million average placing him among the NFL’s top four left tackles.

Before the contract was signed, Bolles’ future with the Broncos took center stage due to his improved play, replacing a juicy storyline about who they will acquire to replace him.

It’s a hat-tip to Bolles that he responded to offensive line coach Mike Munchak’s instruction.

“The key to his turnaround is just persistence, both on his part and our part,” Broncos coach Vic Fangio said. “He had a great offseason. He stuck to it, he didn’t let the outside noise, which at times was appropriate, stop his determination to keep improving. I think he’s finally being rewarded for that approach.”

Now that Bolles is in the long-term fold, the Broncos have another offensive tackle issue entering 2021: Ja’Wuan James.

Bolles: Best year at best time

Bolles is having his best season at the best time — the final year of his rookie contract.

During the offseason, general manager John Elway said Elijah Wilkinson would compete in camp with Bolles. But James opted out, Wilkinson moved to starting right tackle and Bolles got a reprieve. He has taken full advantage.

Bolles has played all 684 offensive snaps and The Denver Post’s game charting has booked him for 7 1/2 pass protection disruptions (1/2 sack) and 4 1/2 “bad” run blocks. He has been called for six penalties (four enforced).

According to a league source, the Broncos and Bolles’ agent, Chase Callahan, worked quickly this past week to get a deal done. In Bolles’ favor was his durability (never missed a start), his improvement (notable on tape) and his position (ascending left tackles rarely hit the open market).

Prior to the contract agreement, The Denver Post talked to two NFL executives about what Bolles’ new deal would look like.

The executives were asked if Bolles ‘age — he will be in his age-29 season in 2021 — would impact the length of his contract.

“Guys are playing longer and longer so as long as you feel you can get a good three years out of him, it shouldn’t impact him in a negative way,” the executive said.

Said the second executive: “I don’t think his age will impact the contract. O-linemen are aging pretty well. If he was a receiver or running back, the answer would definitely be yes, it’s a concern.”

Bolles’ new contract will carry him through his age-32 season so the terms made sense for the Broncos, who won’t be carrying a left tackle into his mid-to-late 30s. A more pressing issue pre-contract agreement was Bolles being perceived as a one-year wonder.

“The bigger overriding factor for me would be, ‘What all of a sudden made him click?’” the executive said. “The one-year (wonder) deal is more of a concern.”

The Broncos had the best gauge and justified the contract extension based on Bolles’ solid play over the last 1 1/2 seasons. Also helping Bolles was the 2021 left tackle free-agent market, most of whom are older than 30: Carolina’s Russell Okung, San Francisco’s Trent Williams and Pittsburgh’s Alejandro Villaneuva will be 33 before the ’21 season or turn 33 during it. Philadelphia’s Jason Peters will be 39.

Two players, Green Bay’s David Bakhtiari and Houston’s Laremy Tunsil, are averaging more than $20 million — $23 million and $22 million, respectively — annually.

During the week, the two executives were asked for the parameters of a Bolles-Broncos contract.

Executive No. 1: “Based on his play-time percentage and the fact he’s started every game, I could see Denver going with three years and making between $11 million to $14 million per year with a guarantee of around $25 million to $27 million. Denver should be fine with their cap space.”

Executive No. 2: “I would probably say somewhere between $10 million to $15 million per year, somewhere around what the franchise tag number is going to be.”

Over The Cap projects the 2021 offensive line franchise tag to be $14.145 million.

When the terms of Bolles’ contract were passed along to Executive No. 1 on Saturday, they replied: “Holy (bleep). That’s insane (higher than expected).”

The James Issue

James’ situation is thorny.

Knee injuries limited James to 63 snaps in the first half of Broncos’ games at Oakland, Indianapolis and Houston last season. But the Broncos were committed to James because, frankly, it didn’t make financial sense to give up on him. Their faith was further exhibited when they didn’t draft an offensive tackle.

James opted out Aug. 3, meaning his contract was frozen. The deal is messy for the Broncos. According to a league executive, $10 million of James’ salary in 2021 is guaranteed and $5 million of his ‘22 salary is guaranteed for injury only.

If the Broncos cut James before June 1, 2021, they will absorb a whopping $19 million “dead” cap hit. If they label him a post-June 1 cut, it means a $10 million “dead” hit in 2021, but the rest of the money is spread out through the life of the deal.

“Denver is literally stuck with James,” the executive said.

Another veteran executive said if most of James’ cash has already been paid to him, the Broncos shouldn’t trade him.

If there is cash still due, the executive said: “I don’t think anybody would take that deal. Usually, trades like that happen when most of the cash hasn’t been paid out yet.”

Could the Broncos entice a team to take on James by including a draft pick? It’s rare in the NFL for that type of salary dump. The most famous example was in 2017 when Houston traded quarterback Brock Osweiler, a ’17 sixth-round pick and an ’18 second-rounder to Cleveland for only a fourth-round selection. The Texans cleared $10 million of cap space and $16 million of cash; the Browns had no intention of keeping Osweiler, they just wanted the extra pick.

If the Broncos find a taker on James, their “dead” hit in 2021 would be $9 million.

“Given he was a bust last year and opted out this year, it’s unlikely he has much of a market given his salary,” one executive said.

Another reason why James’ market would be tepid at best: He hasn’t played a lot of football — he will enter the 2021 offseason with only those 63 plays on his resume from the past two seasons.

If the Broncos give up on James via release/trade, the right tackle market isn’t full of potential replacements. Starters scheduled to enter free agency include the New York Giants’ Cam Fleming (age 29 season in ’21), Pittsburgh’s Matt Feiler (29), Buffalo’s Daryl Williams (28), Arizona’s Kelvin Beachum (32) and Carolina’s Taylor Moton (27). James will be playing his age-29 season.

The most likely scenario: James returns. Would it make sense for the Broncos to have starting offensive tackles with cap hits of more than $10 million?

“It would be rare and stupid for two tackles to make that much; a poor allocation of resources,” one executive said.

Said the second executive: “You would want James to re-structure his deal.”

James should be open to a re-structuring/pay cut because the new salary would probably still be more than what he could get elsewhere.

Returning Bolles on his new deal and James on a re-worked deal, combined with one among Elijah Wilkinson or Calvin Anderson or even Demar Dotson as a backup makes sense. Or they could draft an offensive tackle in the first three rounds and start developing him to eventually replace James.

One executive said keeping Bolles with Munchak should “for sure” be the main goal for the player and agent.

“I think it’s always better for guys to stay where they have a comfort level and their coach in place,” the executive said.

On Saturday, Bolles was rewarded for his improved play and the Broncos locked up one of their players long-term.