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Broncos & John Elway Reach Agreement On Five-Year Deal

Update:

The Broncos have already confirmed the news of John Elway’s new five-year extension.

“We’re pleased to reach an agreement on a five-year contract with John to continue leading our football operations,” Joe Ellis said. “During these last six seasons, John’s clearly established himself as one of the best general managers in all of sports. He’s demonstrated impressive football instincts, a strong business acumen and a consistent ability to build competitive teams.

“There’s no doubt John means a great deal to the Broncos, our fans and the entire community. It was important for us to reach this long-term agreement, and we’re all excited to now turn our full attention toward the 2017 season.

“I appreciate the trust and confidence that Joe has shown in me,” Elway said. “Pat Bowlen has always put outstanding leadership in place, and I’m grateful for the support Joe gives us to compete for championships each and every year.

“This is a special place, and the Broncos are home to me. While there’s still a lot of work to be done, I’m excited about the future of this team and this organization.

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Adam Schefter of ESPN is reporting that the Broncos and John Elway have agreed to a new five-year contract that ties him to Denver through the 2021 season.

According to Schefter, this new contract is expected to make Elway the NFL’s highest paid GM.

Woody Paige previously mentioned the possibility of Elway becoming the highest-paid executive at this position and estimated that his deal could be worth between $30 million-$35 million in total.

The two sides had been working on an extension for some time now and it appears they managed to get this done in time for training camp.

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.