The franchise tag will run the Broncos roughly $13 million guaranteed for the 2015 season. However, it also buys them some additional time to negotiate a long-term contract before the July 15 deadline to negotiate with franchise players.
Thomas, 27, is clearly one of the best receivers in the game, so this will end up being a major contract when all is said and done.
The problem for the Broncos and other teams with star receivers is that the market has yet to be established. Other receivers like Julio Jones, A.J. Green and Dez Bryant are in line for major deals, which appears to be holding things up to some degree.
In 2014, Thomas caught 111 passes for 1,619 yards receiving and 11 touchdowns over the course of 16 games. Pro Football Focus has him rated as the No. 5 receiver in the league out of 110 qualifying players.