A number of position groups could see an exodus this offseason for the Broncos. Safety does not appear to be one of them, but Justin Simmons could still be a player to watch from a financial perspective. 
The two-time Pro Bowler is attached to a four-year, $61MM pact. One year remains on that contract, and Simmons is due $14.5MM. None of that total is guaranteed, however, and he is set to carry a cap hit of $18.25MM in 2024. A move aimed at lowering the latter figure could thus take place.
Parker Gabriel of the Denver Post notes that “some action is likely” on Simmons’ contract. That could take the form of a restructure or extension if the Broncos remain committed to the veteran ballhawk. A trade would also create added financial flexibility, but Simmons’ absence would create a sizable roster hole on Denver’s defense. Given his durability and production, it would come as a surprise if the Broncos actively looked to move on the former third-rounder.
Simmons totaled three interceptions, eight pass breakups and a pair of forced fumbles in 2023. Those figures helped earn second-team All-Pro acclaim for the fourth time in his career, demonstrating his continued ability to provide high-end play. Now 30, another multi-year commitment would thus likely be a safer investment for the Broncos than a number of other aging options at the position.
As Gabriel notes, P.J. Locke is the only Broncos safety currently set to hit the open market in March. Making a move of some kind with Simmons would create more clarity from a financial standpoint, and potentially free up funds to retain Locke after he played well filling in for Kareem Jackson. Few proven commodities reside on Denver’s depth chart beyond Simmons at the safety position (Caden Sterns, JL Skinner, and Delarrin Turner-Yell).
The Broncos were the subject of numerous trade calls leading up to the deadline, with wideouts Jerry Jeudy and Courtland Sutton again finding themselves on the market. Simmons also received interest, although buyers unsurprisingly elected not to take on the remainder of his contract. Denver is one of several teams currently set to be over the cap, so cost-shedding moves will be required in the coming days and weeks. Moving on from Simmons would likely be an avenue the Broncos wish to avoid, but it will be worth monitoring to see if a new agreement can be worked out between the parties to soften the blow of his pact.
The Broncos are so flimsy on depth their W/L records were dependent on 1-2 people being injured all of 2023. If the Broncos trade Simmons they better have the next TJ Ward to replace him otherwise their defense will take a major step backwards.
They need to keep him, he is their defensive secondary.