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).
No figures yet on John Elway's new 5-year contract with Broncos, but it is fully expected to make him NFL's highest paid GM.-- Adam Schefter (@AdamSchefter) July 24, 2017
"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.