The bevy of free-agent moves and trades the Broncos have made are a credit to the hard work and persistence of their front office and owner Pat Bowlen's checkbook.

But veteran wide receiver Rod Smith deserves a big assist, too.

Smith swallowed hard this week and accepted a significant pay cut that saved the Broncos about $5 million in salary-cap room, allowing the team to squeeze in such recent additions as tight end Daniel Graham, running back Travis Henry, cornerback Dré Bly and defensive tackle Dan Wilkinson.

Cornerback Champ Bailey also did his part with his recent restructure. But he converted salary he was going to earn anyway into a signing bonus, which allows for annual prorations that lower his cap hit. Defensive tackle Gerard Warren also accepted less money to stay.

But Smith's renegotiation was deeper and showed his commitment to remaining with the team he has been a part of since 1994.

His $5.5 million base salary was slashed to $1.5 million, and a $1 million roster bonus due this week was removed, reducing his salary-cap figure to $3.5 million.

Denver made concessions to the 36-year-old wide receiver by guaranteeing his base salaries this year and next, the final year of his contract. That means the franchise's all-time leader in catches, touchdowns and receiving yards will pocket $3 million no matter what. He'll carry a similar cap figure next season ($3.55 million) if he decides to play out his deal.

It was revealed this week that Smith underwent arthroscopic surgery on his hip and will miss about four months. But Smith is expected to return by training camp and line up as Denver's No. 3 receiver behind Brandon Marshall and Javon Walker, with a chance he still could hold off Marshall for a starting job Smith has held for the past 10 seasons.

Not counting the signings of Graham and quarterback Pat- rick Ramsey this week, Denver was left with a healthy $8.2 million in cap room without having to release any players.

Denver probably will need $3 million to $4 million of that space to sign its six-player draft class, barring any compensatory picks it's awarded or future deals that increase the total number of selections. The team's half-dozen picks currently are No. 21 (first round); 56 (second); 70 (third, from Washington); 86 (third); 162 (sixth, from Detroit); and 215 (seventh).