So much for "real progress" in contract negotiations between Von Miller and the Broncos.
Mike Klis of 9 News in Denver reports that contract talks between the Super Bowl MVP and Denver are off, with Denver having set a 10 p.m. (presumably MT, a.k.a. midnight for most people) deadline on Tuesday for Miller to accept a reported six-year, $114 million offer.
Adam Schefter of ESPN first reported Wednesday the Broncos had made the offer -- with almost $40 million in guaranteed money during the first two years -- to Miller but there was "no deal in sight."
Broncos proposed 6-yr, $114.5M deal to Von Miller that includes $39.8M gtd in first 2 years, per sources close to Denver. No deal in sight.— Adam Schefter (@AdamSchefter) June 8, 2016
With Miller declining, Klis reports that the Broncos yanked the offer and decided to move forward without a long-term contract for their superstar outside linebacker.
Klis also reports issues with Ryan Clady and Demaryius Thomas created the impetus for Miller's moved-up deadline (teams have until July 15 to sign franchise-tag players). Both players missed offseason workouts before signing deals shortly before training camp. Clady tore his ACL just after signing and Thomas saw decreased production in 2015.
We postulated what a Miller deal might look like when discussing his optimism on Tuesday -- it stands to reason Miller will want much more than Justin Houston got from the Chiefs ($101 million total) and could very well be looking for a contract in the range of Ndamukong Suh in terms of guaranteed money ($59 million).
Dude was the Super Bowl 50 MVP after all.
Miller is already "guaranteed" over $30 million the next two seasons if he plays on one-year contracts, so it's not like the Broncos are ponying up an excessive amount of extra cash here on this proposed deal.
What it really comes down to is how much the total guarantee is and how much guaranteed money Miller will be looking at on the back end of the contract.
Given Miller's age (27) it wouldn't be surprising if John Elway wanted to get the guaranteed money on this deal out of the way early. Miller is an incredible player in all facets of defense, but he has had off-field issues previously (a suspension) and he also tore his ACL. No one is invincible.
But that instability in life is also why Miller won't want to be dangling at the Broncos' mercy when he cruises past 30. He'll want some financial security for the life of the deal if he's going to take a contract now instead of playing out the string.
He's already guaranteed more than $14 million next year on a one-year contract. It's almost hard to imagine his value getting higher.
The larger point: it's going to take a LOT of money to sign Miller before the July 15 deadline to ink someone who was given the franchise tag. If they're not close after what the Broncos lobbed out, this could be a more difficult deal to work out than initially thought.