Simmons plans to sign his franchise tag at some point in the near future, but doing so wouldn’t prevent the two sides from working a new contract that could make him the NFL’s highest-paid safety.
The franchise tag will cost the Broncos $11.545 million fully guaranteed for the 2020 season. Bears S Eddie Jackson currently tops the safety market at $14.6 million per year.
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 once again be an unrestricted free agent in 2021.
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.