Elvis Dumervil has been released by the Broncos despite reaching an agreement with the team around 1:25 p.m. Friday, Mike Klis of the Denver Post reports.

The Broncos say Dumervil's agent Marty Magid didn't get a restructured contract signed in time and the team had no choice but to release him. The team didnt' get the fax with Dumervil's signature until 2:07 p.m., seven minutes and one second after the deadline.

The Broncos had to protect themselves at 1:59 p.m. when they had not received a signed deal. Had they not released Dumervil, $12 million would have been guaranteed.

The team could still re-sign Dumervil, but there are salary cap implications. Dumervil's release gives the Broncos a huge dead money hit and limits their ability to bring him back with a new' deal.

The team and their pass-rushing defensive end had agreed on a restructured contract that reduces his 2013 salary from $12 million, according to two NFL sources.

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