Broncos.com later confirmed the report.
Albert Breer of NFL Network commented on the deal:
Aaron Wilson of the Baltimore Sun broke down Clady's contract.
Broncos defensive end Robert Ayers Jr. was noticeably excited:
According to Mike Garafolo and Fox Sports, the $33 million in guaranteed money comes over the first three years of the contract, which "includes another $5 million in incentives that pushes the maximum value as high as $57.5 million if the three-time Pro Bowl selection is selected as a Pro Bowler twice more."
The 26-year-old offensive tackle made his third career Pro Bowl appearance in 2013, helping the Broncos to a 13-3 record and an AFC West crown before falling to the Baltimore Ravens in the Divisional Round of the playoffs.
It's been a long time coming for a player who has developed into one of the best left tackles in the league. With Clady protecting Peyton Manning's blind side in Denver last season, the Broncos gave up just 21 sacks, the second-best mark in the NFL.
Pro Football Focus ranked Clady as the fourth-best LT in football in 2012-13, per Dan Hanzus of NFL.com.
Last season, the Broncos were uprooted by the eventual champs, but having Clady on their side (and Manning's blind side, to be more specific) should ensure they don't experience a colossal drop-off. As everyone knows, it's of particular importance with Manning's neck still a lingering concern.
As SI.com noted, the Broncos placed the franchise tag on Clady in February. And if the two sides hadn't come to terms by the Monday deadline, Clady would have played out the one-year deal before hitting free agency next offseason.