While it would be stupid for Champ to be cut loose, ( he is still a top 5 CB)
it also is clear that he has lost a step and will need safety help against
fast receivers. His fundamentals ( tackling) and instincts are among the best ever seen, but his age is catching up with him, and the team MUST start to consider his replacement.
He has been paid VERY well for his time here....and generally has earned it all.
But I don't believe he has been a team LEADER. And a restructure is an opportunity for him to give something back to the the Broncos for the short term, while helping him get to that Superbowl that he has not been to.
Champ has two years left on his current contract, at about 9.5 mill per.
I would ask him to do the following. Restructure to a 4 year deal at 6 mill per, but all guaranteed. Pro bowl incentives of 1 mill each time he makes it.
Maybe a 1-1.5 mill bonus for signing.
If he physically declines he moves to safety, or retires . But he can help the team by spreading his cap hit out , and guarantee getting paid...just over a longer time. And free up some cap space to sign FAs short term.
Guess we'll see if he wants a ring or money more.