Emmanuel Sanders, Broncos Agree to New Contract: Latest Details and Reaction

Emmanuel Sanders was preparing to enter 2016 as one of the NFL's most underpaid receivers, but that's no longer the case.

The Denver Broncos and Sanders agreed to a new three-year extension Wednesday, per general manager John Elway:

NFL Network's James Palmer reported Sanders' three-year extension is worth $33 million, while ESPN's Adam Schefter added the deal includes $27 million in guarantees.

Sanders, 29, was due to make $5.6 million in base salary in 2016, per Spotrac. He was heading into the final season of the three-year, $15 million deal he originally signed with Denver as a free agent in 2014.

Known as a solid but mostly tertiary cog in Pittsburgh, Sanders emerged as a Pro Bowl playmaker with the Broncos. He was named to his first Pro Bowl team in 2014, setting new career highs with 104 catches and 1,404 yards as part of a high-octane attack. His numbers dipped last season (76 catches, 1,135 yards), as Peyton Manning's play precipitously dropped and the offense became more conservative.

After Demaryius Thomas received a big long-term deal last offseason, it was only a matter of time before Sanders followed suit.

In April, Sanders expressed optimism about getting a deal done with Denver, per Mike Klis of 9News.com:

"

I mean this sincerely: The city of Denver has been really good to me. I want to be a Bronco. I want to be a Bronco for a long time. I want to retire a Bronco. Hopefully everything works out. I’m sure both sides will come to something. We’re going to see how it goes, but right now it’s not about me. It’s about this team and about winning championships, and that’s what I'm focused on.

"

The Broncos are now split between two methods of roster construction offensively. Second-year quarterback Trevor Siemian, who has not taken a snap in a regular-season game, will be the team's starter on Thursday against the Carolina Panthers. They also have rookie Paxton Lynch, who will need more time to develop before getting his shot.

Elway went all in on high-cost veterans to reel in a Super Bowl victory in 2015, but the 2016 Broncos aren't going to be the same juggernaut. They allowed the likes of Malik Jackson and Danny Trevathan to walk for bigger deals in the offseason; Sanders appeared as though he might join them a year from now.

Instead, the Broncos appear ready to move forward with Thomas and Sanders as the pillars of their offense.