The Denver Broncos have named Super Bowl 50 MVP Von Miller as their exclusive franchise tag pick.
Linebacker Miller has become the fifth Bronco to receive the franchise tag from the team.
With the exclusive one-year-tender, the Broncos hold all negotiating rights with Miller. Unless he and the Broncos can reach an agreement on a long-term deal by July 15, Miller is set to make $14.129 million in 2016.
"Designating Von as our franchise player gives us the time to continue working toward a long-term agreement," Broncos general manager John Elway said.
"We've had productive talks with Von's representation, and we'll continue those discussions with the goal of making sure Von remains a Bronco well into the future."
The anchor of Denver's dominating defense, Miller recorded 2.5 sacks and two forced fumbles as the Broncos beat the Panthers to win the team's third Vince Lombardi Trophy last month.
He also logged 2.5 sacks and an interception as the Broncos defeated the Patriots in the AFC championship game.
As for the regular season, Miller finished with 11 sacks, 35 tackles and four forced fumbles as he earned his fourth Pro Bowl selection. The 26-year-old boasts 60 sacks in his six-year NFL career, which has been spent entirely with the Broncos.