Demaryius Thomas Franchise-Tagged by Broncos: Latest Contract Details, Reaction

If he reached free agency on March 10, wide receiver Demaryius Thomas would have been one of the most prized assets available on the open market.

The Denver Broncos won't allow that to happen, as the team confirmed that they used the non-exclusive franchise tag on Thomas.

ESPN's Jeff Legwold and Adam Schefter broke down Thomas' contract under the tag and the terms of the non-exclusive deal:

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The designation will mean the Broncos' captain will get a one-year, guaranteed deal for the average of the top five salaries at his position. This year that figure will be just less than $12.8 million. The salary cap charge would be $12.797 million and the deal would be fully guaranteed the moment Thomas signs it.

When the Broncos file the paperwork to the league, it is expected Thomas will get the "non-exclusive'' franchise player tag. That means Demaryius Thomas could solicit offers from other teams and the Broncos would then have the right to match.

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John Elway spoke about the decision and Thomas' future following the announcement, via the Broncos:

Since Denver selected Thomas No. 22 overall in the 2010 NFL draft, he has developed into one of the league's best pass-catchers. His talent was quite evident during his first two seasons, but he reached another level since quarterback Peyton Manning signed with the Broncos.

Thomas topped 90 catches and 1,400 yards and had at least 10 touchdowns in both 2012 and 2013, which put him in elite company.

The 27-year-old wideout was at his best in 2014, though, as he set career highs with 111 receptions for 1,619 yards while adding 11 touchdown grabs.

Thomas unquestionably owes much of his success to Manning, but he has made his own breaks in many respects as well. The Georgia Tech product has a penchant for taking seemingly ordinary plays and making them extraordinary. He led the NFL with 704 yards after the catch in 2013 and ranked fourth with 647 in 2014, according to ESPN.com.

Thomas is the total package in that he can take a screen pass the distance thanks to his blazing speed and elusiveness. At the same time, though, he is 6'3" and 229 pounds, which gives him the ability to outjump and overpower smaller defensive backs.

All of those tools made him a top target for many teams heading into free agency, so the Broncos using the franchise tag is clearly a wise choice.

Prior to the start of the 2014 campaign, general manager John Elway made it clear that locking him up and doing so prior to the regular season was a top priority, per Lindsay H. Jones of USA Today.

 "I'm never going to go into the season, but the first couple of weeks, we can continue to talk about it," Elway said. "After the second week of the preseason, we'll want to have had something done, one way or another."

The two sides were unable to reach an agreement, though, which was a huge roll of the dice on Denver's part. In the end, the Broncos were willing to spend enough to bring him back for at least one more season.

It was quite clear entering the season that Thomas wanted a long-term deal, as this tweet from June suggested:

Dustin Bradford/Getty Images

That put the organization in a very difficult position. Even with so many free agents to consider, though, Elway reinforced his desire to bring back both Demaryius and tight end Julius Thomas, according to Nicki Jhabvala of The Denver Post:

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We've got a good base of guys for the most part, with the exception of a couple Thomases and a couple other guys we'll work on once we get through the coaching search to be able to tie them down (and) hopefully have them back.

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Thomas has proven himself to be a top-flight wide receiver in recent years, but there will be even more pressure on him to maintain that level of play now that he has a one-year, roughly $12.8 million contract in tow. Unless he and the Broncos agree upon a longer-term deal after free agency kicks off, he could be headed toward a repeat of this situation next March.

There may be no more physically gifted wideout in the game right now, and that is precisely why Thomas has set himself up to be among the league's best-compensated pass-catchers in the years to come.

All signs point toward Thomas continuing to improve and being among the NFL's elite. If that is the case, then the expected financial commitment will pay for itself in no time. 

Follow @MikeChiari on Twitter.