Even though he agreed (sorta) to a pay cut. Story at PFT... 

How would Elvis look in our building? Pretty damn good, I'm thinking.

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On the small side for our scheme, but he is a football player in a complete sense. 11 sacks and 6 FFs last year. He wants gigantic cash though, more than $12M/yr. Add to that, our experience with another smaller, expensive DE with great stats named Joe Johnson.... yikes!

Green Bay needs to get bigger, faster, more effective players on D. For that kind of money, I don't know that he fits the bill. He should be all of that. He's not, at 5-11 260.

I don't know Since... Until looking him up I was all for it. Now, not so sure.

Broncos kind of fucked up. Restructured his deal and didn't get it to league office in time.

Now, they had to cut him: The Denver Broncos will take a $3.25 million hit in their salary cap after releasing LB Elvis Dumervil.

http://www.kffl.com/hotw/NFL?page=0#ixzz2Ne5EMmlY 

Updating a previous report, Denver Broncos LB Elvis Dumervil was released Friday, March 15, after his restructured deal wasn't filed to the league in time.

http://www.kffl.com/hotw/NFL?page=0#ixzz2Ne64qL9C