Thomas' deal is similar to the one Cowboys wide receiver Dez Bryant agreed to Wednesday. Bryant also landed a five-year, $70 million contract, but his deal includes $45 million guaranteed.
Thomas and the Broncos were able to strike a deal before Wednesday's 4 p.m. ET deadline for players under the franchise tag to agree to a long-term deal this year. Thomas was slated to play the 2015 season under a one-year, $12.82 million franchise tender.
The 27-year-old Thomas has made the Pro Bowl the last three seasons. His 111 catches in 2014 were a career best and trailed only Antonio Brown's 129 catches.
Thomas has had at least 92 receptions and 1,430 yards the last three seasons. He also had a career-best 1,619 receiving yards in 2014. The 2010 first-round pick has totaled 351 catches for 5,317 yards and 41 touchdowns in his first five NFL seasons.
The team and Thomas haven't exchanged any contract proposals or had any communication in more than a month, ESPN reported.
The Broncos have offered more than the $12 million recently given to new Vikings wideout Mike Wallace, but that reportedly is not enough.
The two sides have until Wednesday to reach an agreement on a multi-year contract. If no such deal is struck, he will play the 2015 season on a one-year tender.
Thomas, who could sit out the early portion of training camp as a protest, has achieved three straight seasons of at least 1,430 yards receiving and 10 touchdowns.
The contract dispute is keeping Thomas away from minicamp and precious one-on-one time with Manning.
Thomas caught 111 passes for 1,619 yards and 11 touchdowns last season.
Attendance at minicamp is considered mandatory, but not for
Thomas has held out of all offseason activity as he negotiates a long-term deal with the team. He is not expected at minicamp.
Players would normally be fined for missing the three-day practice session, but Thomas is not subject to that penalty because he hasn't signed the one-year, $12.82 million franchise tender offered by the team. He is essentially a free agent until he signs it.
The two sides have until July 15 to agree on a long-term contract. If they cannot come together and Thomas has not signed with another team, he must play for that amount in 2015.
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