Elway said the two sides have exchanged offers. Denver has until July 15 to reach a long-term deal with Simmons.
The franchise tag will cost the Broncos $11.545 million fully guaranteed for the 2020 season if the two sides are unable to reach an agreement on a new deal. However, both sides have been optimistic throughout this offseason that a deal will happen.
Simmons, 26, is a former a third-round pick of the Broncos out of Boston College back in 2016. He played out the final year of his four-year, $3.02 million rookie contract that included a $645,420 signing bonus.
Simmons is now in line to test the open market as an unrestricted free agent for the first time in his NFL career.
In 2019, Simmons started all 16 games and recorded 93 tackles, four interceptions, and 15 pass breakups. Pro Football Focus has him rated as the No. 2 safety out of 82 qualifying players.
We had him included in our Top 100 – 2020 Free Agents list.