DENVER, Dec. 5 (UPI) -- The Denver Broncos have been stripped of a
third-round pick in the 2002 draft for violating guidelines under the NFL's deferred compensation fund,it was confirmed Wednesday.
The Broncos also were ordered to make payments totaling nearly $1 million for failing to submit money in a timely fashion between 1998 and 1999.
Denver is forced to pay $968,000 -- $663,000 of which was determined by the NFL to be the equivalent of the interest the Broncos gained by holding on to the money.
Under league rules, each team is required to place a portion of its deferred players' and coaches' salaries into a league reserve fund to ensure that teams do not go into long-term debt
and that players who sign contracts that include deferred money are guaranteed it will be available in the future.
Denver's dispute dates to March 2000, when it was hoping to defer multi-million payments to running back Terrell Davis and former quarterback John Elway.
A third-round pick is a valuable one for the Broncos. That is where they selected quarterback Brian Griese in 1998. Denver has an extra fourth-round pick in April's draft.
The Pittsburgh Steelers also lost a third-round pick earlier this year for a similar violation.
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