According to Woody Paige of the Colorado Springs Gazette, Broncos executive VP John Elway is set to become the league’s highest-paid at his respective position in the NFL.
Paige reports that the Broncos and Elway are negotiating a long-term agreement that could be finalized at some point over the next week and announced before the start of training camp.
“We’re working to get it done,” Broncos CEO and president Joe Ellis tells Paige. “We’ve had some productive discussions in the last week or so and will keep talking. John’s an important part of our organization, and we want to make sure he’s here for a long time.”
Paige estimates that Elway makes around $3 million or so per year. Although, his current deal is set to expire before next year’s NFL draft.
Paige believes the Broncos have offered Elway a five-year contract extension worth between $30 million-$35 million in total and could consider giving him the title of chief operating officer.
While some have mentioned the possibility that the two parties could discuss an ownership stake, sources tell Paige that this isn’t accurate.
- Nick Jhabvala reported a few days ago that there had been talks between the Broncos and Elway but she says that a deal is still on considered imminent.
- A league source tells Mike Florio of Pro Football Talk there are still no guarantees a deal will get done.
- Florio’s source added that giving Elway an expanded role such as COOO is “highly, highly unlikely.”
- Ian Rapoport confirms that talks between the Broncos and Elway have “ramped up” in recent days, but nothing is considered imminent at this point in time.
Elway, 57, spent his entire career with the Broncos as their quarterback and won two Super Bowl Championships before retiring on top. He later returned to the team in 2011 as their director of player personnel and was promoted to executive VP of football operations/GM just a year later.
In his six years with the team, Elway has led the Broncos to a record of 67-29 (69.7 percent), which includes five playoff appearances, two trips to the Super Bowl and a title in 2015.
We’ll have more regarding a new contract for Elway as the news is available.