According to Rapoport, the Broncos and Thomas have yet to begin talks regarding a new contract.
This news fits with a number of reports from the past few months.
Jason Cole mentioned a few weeks that Denver was planning to franchise Thomas and has “no intention” of allowing him to field offers from prospective teams next month.
If Denver ultimately goes this route with Thomas, the franchise tag would run them roughly $13 million for the 2015 season. However, it would also buy them some time to negotiate a long-term contract.
Thomas, 27, is clearly one of the best receivers in the game and has earned a sizable raise from the Broncos. It will be interesting to hear the kind of numbers being discussed in his next contract, as he could come close to some of the largest contracts for receivers in the league.
Over the course of 16 games, Thomas caught 111 passes for 1,619 yards receiving and 11 touchdowns. Pro Football Focus has him rated as the No. 5 receiver in the league out of 110 qualifying players.
We have Thomas listed as the No. 4 player listed in our Top 75 Free Agents list.