"Nothing is going to get done before camp, but we'll keep talking to them in camp," general manager John Elway said Wednesday.
Both players are entering the final year of their rookie deals. Elway indicated he won't break off talks with either player until early August. Elway indicated that Julius Thomas won't receive an offer that matches the record deal received by Saints tight end Jimmy Graham.
"Even though Julius had a tremendous year for us, he's only (played) 23 games. We want Julius to be a Bronco for a long time and we think he has tremendous upside, but he's not at that level," Elway said.
"I think there are a lot of things that our offense wanted to do with me, but you can only learn so much in one year," Thomas explained. "No matter how much time you have at practice, it never seems to be enough when you're learning and trying to come into your own.
Thomas said he's still "scratching the surface" on what he's able to contribute, adding that he's just now getting comfortable with what's being asked of him.
Thomas racked up 65 catches for 788 yards and 10 touchdowns last season.
"Last year, I was able to do a lot of good things. I kind of survived on self-confidence and athleticism," Thomas said. "In one game, the defense did something, and Peyton was like, 'Julius, did you see that?' And I said, 'Peyton, they got me; I had no clue what they were doing.' There are still situations I haven't been in before, and I'm still learning what to do."
"We've already talked to them to see if we can do something before the beginning of the year," said Broncos general manager John Elway. "We'd like to get something done before the beginning of camp. We don't want to do anything once training camp starts. They're both in their last years, and we'd like for them to stay and be Broncos for a long time."
Demaryius Thomas, a 2010 first-round draft pick who is coming off back-to- back seasons of Pro Bowl-caliber production, might command a contract worth $12 million a year based on the receiver's 2014 franchise tag salary.
Julius Thomas, a fourth-round draft pick in 2011 who had a breakout season in his third year of 2013, might be looking at a $7 million annual average.
"I think I’m hungrier than even I was last year," he told the Denver Post. "To be so close and not reach your goal, it just makes you that much more hungry, that much more determined to do whatever it takes."