John Elway reportedly set to become NFL's highest-paid GM with new 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. 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 Manning hired former Dolphins defensive coordinator Vance Joseph as his replacement.