There has been some recent buzz about Simmions signing an extension with Denver that could make him the NFL’s highest-paid safety.
Denver placed the franchise tag on Simmons earlier this offseason and they have until July 15 — next Wednesday — to sign him to an extension. Otherwise, Simmons will play out the 2020 season under the tag.
The potential for lost revenue due to the pandemic and a concurrent drop in the salary cap has all but halted contract negotiations across the NFL this offseason.
However, the Broncos and Simmons were still exchanging offers back in April, which could be a positive indication toward the chances of a new deal.
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 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.