John Elway, Broncos reportedly close on lucrative new five-year extension

John Elway will be staying in Denver for a while. According to a report from Woody Paige in the Colorado Springs Gazette, Elway and the Denver Broncos are close to reaching an agreement on a contract extension. 

Elway's current contract, which Paige reports pays him around $3 million annually, expires in March. His new deal will reportedly be worth $30-35 million over five years, making him highest-paid executive in football outside of Bill Belichick, who serves as the Patriots GM and coach. Here's Paige's explanation:

As executive vice president of football operations (the general manager title was added after the Super Bowl against the Seahawks), Elway earns, according to my estimation (since executive salaries are rarely revealed), about $3 million annually.

His contract expires in March - before the draft.

Ravens general manager Ozzie Newsome is on a reported $3.75M contract, and Seattle's John Schneider was seeking $4 million last year before settling for $3.75M.

Jerry Jones is owner/president/GM of the Cowboys, so his annual income doesn't compute or count, compared to other general managers. The Patriots don't have a titled general manager, but coach Bill Belichick is the de facto GM. He is paid for both jobs at a reported annual rate of $7.5 million.

Elway, I believe, has been offered $30 million-$35 million for a five-year extension, which would be his biggest contract as player or executive.

Either way, it's a lot of money for the Broncos to keep their most important player in franchise history in his current role running the team. Elway may also gain the title of chief operation officer, in addition to his current titles of executive vice president and general manager. 

Joe Ellis, the Broncos' CEO and president, will continue in those roles. "We're working to get it done," Ellis, Broncos told The Gazette. "We've had some productive discussions in the last week or so and will keep talking. John's an important part of our organization, and we want to make sure he's here for a long time."

Elway has been running the Broncos' football operations since 2011. During that time, the Broncos have the second-best winning percentage in the NFL behind only the New England Patriots. 

Elway signed Peyton Manning, DeMarcus Ware, Aqib Talib, and more to help build the Broncos into a perennial contender before they won Super Bowl 50 under former head coach Gary Kubiak, who was Elway's former backup quarterback. Kubiak retired earlier this offseason due to health reasons, and Elway hired former Dolphins defensive coordinator Vance Joseph as his replacement. 

CBS Sports Writer

Jared Dubin is a New York lawyer and writer. He joined CBSSports.com in 2014 and has since spent far too much of his time watching film and working in spreadsheets. Full Bio

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