Broncos GM John Elway reaches agreement on new five-year deal

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The Denver Broncos and vice president/general manager John Elway have agreed to a new five-year contract that will keep the Super Bowl champion turned executive with the team through the 2021 season. 

"We're pleased to reach an agreement on a five-year contract with John to continue leading our football operations," Broncos president Joe Ellis said in a statement.

"During these last six seasons, John's clearly established himself as one of the best general managers in all of sports. He's demonstrated impressive football instincts, a strong business acumen and a consistent ability to build competitive teams.

"There's no doubt John means a great deal to the Broncos, our fans and the entire community. It was important for us to reach this long-term agreement, and we're all excited to now turn our full attention toward the 2017 season."

Terms of the contract were not announced, but reports expect Elway, 57, accepted $30 million to $35 million for the extension to make him the NFL's highest-paid VP/GM (note: Pats coach Bill Belichick, the team's de facto GM, is paid a reported $7.5 million per year, and Cowboys owner Jerry Jones, who serves as his team's GM, also makes more).

"I appreciate the trust and confidence that Joe has shown in me," Elway said in a statement. "[Team owner] Pat Bowlen has always put outstanding leadership in place, and I'm grateful for the support Joe gives us to compete for championships each and every year.

"This is a special place, and the Broncos are home to me. While there's still a lot of work to be done, I'm excited about the future of this team and this organization."

Elway, a three-time Super Bowl champion, is entering his seventh season as an executive. Since that time, Elway has led the Broncos to 67 regular-season wins, five AFC West titles, two Super Bowl appearances and a Super Bowl 50 win.