After 13 months of periodic discussions and four increases in their offer, the Broncos agreed Wednesday to a five-year, $70 million deal with star receiver Demaryius Thomas.
Thomas will receive $35 million guaranteed over the first two seasons, including $22 million this season in signing bonus and salary. He landed a $43.5 million overall guarantee. It was quite a catch for the Broncos as the clock nearly expired on Wednesday’s 2 p.m. deadline.
“Well, we had our number set out. We tried to figure out what was correct value for us and Demaryius,” general manager John Elway said. “It took awhile to get to that point. We wanted to get a deal done. They knew that. And ‘DT’ wanted to be in Denver. It was a matter of getting to those terms.”
Thomas’ agreement came minutes after Dallas’ Dez Bryant signed a five-year, $70 million deal. Bryant will receive $45 million guaranteed. It provided a framework for Thomas to compare as he mulled the Broncos’ offer on Wednesday.
“Anytime you have two special football players at the same position there’s always caution that nobody jumps the gun,” Elway said. “I actually think that’s why it went as long as it did, especially from the agent’s side.”
The Broncos’ deal makes Thomas the third highest-paid receiver in NFL history in guaranteed money, ranking behind Calvin Johnson’s ground-breaking deal in 2012 and Bryant. After sitting on the Broncos’ offer of $40 million-plus guaranteed since June 1, Thomas’ camp reached out Wednesday to negotiate.
The Broncos showed a blend of discipline and elasticity in the process. They reached a deal that represents Denver’s second most in guaranteed money behind Peyton Manning’s $58 million as part of his $95 million free-agent contract.
By reaching an accord, it paves the way for a seamless return for the Pro Bowl receiver, who was considering holding out from training camp and possibly regular-season games if he didn’t receive a long-term contract. Though he has talked regularly with coach Gary Kubiak about the playbook, Thomas skipped offseason workouts, which means he will be playing catch up when training camp begins.
“I am happy he got it done. I am ready to see him back in the building,” said cornerback Chris Harris, who signed a five-year, $42.5 million contract extension in December.
The Broncos sweetened the deal with upfront money of $35 million which easily exceeded the $28.2 million Thomas would have made had he worked under the franchise tag the next two seasons. Had Thomas balked, he could have played only on the $12.82 million franchise tag this season, with negotiations on a new long-term contract shelved until March 2016.
Thomas’ deal creates more options for the Broncos going forward in building their roster. Star pass rusher Von Miller will be eligible for the franchise tag next season, and promising defensive tackle Malik Jackson is due to become a free agent. After rebounding last season, Miller could command a contract similar to Kansas City’s Justin Houston. Kansas City made Houston the NFL’s second-highest paid defensive player Wednesday, signing the Pro Bowler to a six-year, $101 million deal with $52.5 million in guarantees.
“We have a three-year and a four-year plan so we can keep all our great players and fill in with free agents when we can,” Elway said. “We will have a plan for Von. Demaryius was the first key part to keeping this team together. There’s no question that he’s one of the top receivers in the league.”
The Broncos made a commitment reflecting his value to an offense led by Manning, who his under contract for two more seasons. Thomas ranks second in NFL receiving yards since 2012, 50 shy Johnson. He led the league with 10 100-yard games last season.
Locking up Thomas’ long-term frees second-year receiver Cody Latimer to develop at a more gradual pace. Latimer caught two passes for 23 yards last season as he struggled to learn the offense. He has been impressive and more comfortable in Kubiak’s scheme this offseason.
Even as the Broncos look to run the ball more, Thomas and Emmanuel Sanders will form one of the game’s best receiving duos. And no Broncos receiver has begun his career like Thomas.
“It’s very well-deserved on his part. We think he’s coming into his prime,” Elway said. “The expectations are going to be increased. But he has all the skills.”
Troy E. Renck: trenck@denverpost.com or twitter.com/troyrenck
