Free agency last year for the Broncos was a sprint. This year will be more of a Sunday stroll.

Armed with ample bucks, the Broncos burst out of the gates last March and agreed to deals with tackle Mike McGlinchey (five years, $87.5 million), guard Ben Powers (four years, $52 million) and defensive end Zach Allen (three years, $45.75 million).

Plenty has changed since then.

According to salary-cap analyst Jason Fitzgerald, who runs the website OverTheCap.com, the Broncos are now projected to be about $18 million over the cap, giving them the fifth-least amount of room of any NFL team. To become cap compliant on the first day of the new league year on March 13, they likely will need to make moves on some high-priced veterans. And then free agency could start with a trickle.

“We won’t be in on the first wave of free agency like we were last year,’’ said general manager George Paton. “You can’t do that every year. We’ll be very strategic and very specific on what positions and what players we try to sign.”

The Broncos’ situation would be even worse if they release quarterback Russell Wilson, a move many expect will happen even though Denver’s brass insists he could return. Wilson, who was benched for the final two games in favor of Jarrett Stidham, would have his $37 million salary for 2025 guaranteed if he’s still on the roster March 17.

If the Broncos part ways with Wilson, they would have $85 million of dead money, which could with a post-June 1 designation result in a $53 million hit in 2024 and a $32 million one in 2025. Considering Wilson is now on the books for a $35.4 million cap number in 2024, a release would project Denver to be about $36 million over the cap.

“This would be extreme,’’ Paton acknowledged about a potential release of Wilson. “We’re prepared for any scenario with (vice president of football administration) Rich Hurtado, who runs our cap. We’ll have flexibility either way to do what we need to do.”

Regardless of Wilson’s situation, the Broncos will have some work to do before the start of the new league year.

“They’ll basically have to do some dancing with some contracts to be cap compliant just for next season,’’ Fitzgerald said.

However, Fitzgerald does not consider Denver’s situation to be dire.

“It’s not pretty,’’ he said. “I wouldn’t call it a disaster at this point. They can move some or restructure some high-priced guys. I don’t think they’re in a mess like a team like New Orleans. But it’s going to be a salary-cap crunch year.”

Fitzgerald projects New Orleans to be $72.3 million over the cap. Interestingly, Broncos coach Sean Payton headed the Saints for 15 seasons before taking last season off to serve as a Fox studio analyst and then being named Denver’s coach last February.

“The salary cap, those are challenges that every year you’re familiar with,’’ Payton said. “I’m familiar with it.”

The Broncos likely will restructure, trade or release some players with big numbers on the books for 2024. Players with hefty deals with nonguaranteed base salaries include tackle Garett Bolles ($15.74 million), safety Justin Simmons ($14.5 million), wide receivers Courtland Sutton ($13 million) and Tim Patrick ($9.5 million) and defensive tackle D.J. Jones ($9.49 million).

“It’s always difficult when you have to make decisions relative to players you’ve coached,’’ Payton said when asked about possibly moving on from some veterans. “Some of the hardest decisions are guys I can just look back on. Certainly, it’s difficult when you’ve had a history with players.”

The Broncos have 14 unrestricted and three restricted free agents, and their cap situation might make it hard to re-sign some. Center Lloyd Cushenberry III could demand a contract too rich for the Broncos. Others who could prove difficult to keep if they get good offers elsewhere will be linebacker Josey Jewell, kicker Wil Lutz and safety P.J. Locke.

The Broncos have some players eligible for contract extensions this year who are in line for big deals, most notably cornerback Pat Surtain II and guard Quinn Meinerz. However, Fitzgerald said signing such players wouldn’t necessarily be a big immediate burden since their cap numbers could be kept reasonably low in 2024 and money pushed out to future seasons.

Overall, the Broncos’ cap issues will put even more of a premium on the draft. At least they have a first-round pick for the first time since Surtain went No. 9 in 2021, this one being No. 12.

“Obviously, we have to hit on the draft,’’ Paton said. “We’re picking high, and we have six picks. We could have more.”