Von Miller, Broncos Agree to New Contract: Latest Details, Comments and Reaction

The Denver Broncos placed the franchise tag on superstar linebacker Von Miller before the 2016 season but intended to lock him up to a long-term deal.

The move became a reality Friday, as Miller and the Broncos agreed to terms on a lucrative six-year deal worth $114 million, with $70 million in guarantees, per NFL Network. Miller's agents, Vanguard Sports, confirmed the news.

The linebacker took to Twitter to announce the pact:

Houston Texans defensive lineman J.J. Watt congratulated Miller on his payday:

Mike Klis of 9News in Denver provided a financial breakdown of the contract:

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2016: $23 million signing bonus, $2 million in salary and workout bonus, other bonuses. Total $25 million (fully guaranteed). The year one payout was the only metric he did not surpass Philadelphia defensive tackle Fletcher Cox, who got $27.3 million upfront with his recent contract extension

2017: $17 million in salary, bonuses (fully guaranteed). Total is $42 million after two years. Cox got $36.3 million guaranteed after year two.

2018: $19 million in salary, bonuses. (Injury-only guarantee, converts to full guarantee in eight months, or March 17). Total is $61 million after three years. Cox got $55.55 million guaranteed after year three.

2019: $17.5 million in salary, bonuses. (Injury-only guarantee but $9 million converts to full guarantee a year earlier, or in March, 2018). Total is $78.5 million after four years with $70 million guaranteed. Cox got $63.3 million guaranteed after year four.

2020 - 2021: Average of $18 million per year in salary and bonuses. (No guarantees). Total is $114.5 million after six years.

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According to Klis, prior to the deal, Miller's agent, Joby Branion, informed Elway the Broncos may want to consider trading Miller if the team was not open to considering a late counter offer. Branion even asked for permission to contact other teams about a potential trade, per Klis.

Miller was named Super Bowl 50 MVP and was a big reason why Denver shut down the Carolina Panthers' explosive offense in a 24-10 triumph. The 27-year-old still has plenty of prime seasons left, so his best football may still be on the horizon.

Part of the reason it was tricky for the Broncos to secure Miller for the long haul prior to free agency was the numerous players they had hitting the open market.

The Broncos had to prevent Miller from getting away, yet they also needed to see how other key moves shook out in the offseason before the 2016 campaign. Although his deal is well worth the considerable cap space it will eat up in the coming years, Miller's looming payday prevented Denver from retaining some members of its championship core, such as defensive lineman Malik Jackson, who signed with the Jacksonville Jaguars.

It was also a long-developing situation in which Miller waited to maximize his contract, though. He reportedly rejected a six-year, $114.5 million deal with $38.5 million guaranteed in June, per Yahoo Sports' Charles Robinson.

As Bleacher Report's Jason Cole reported, Miller was even considering sitting out the entire 2016 season:

The good news is Miller won't be going anywhere after he and Denver reached an agreement. To complement Miller's pass-rushing prowess—he already has 60 sacks in 72 regular-season games—the Broncos will field a stupendous secondary for the foreseeable future.

Per Spotrac, star cornerbacks Aqib Talib and Chris Harris Jr. are both under contract through 2019, while former first-round pick Bradley Roby is a relative bargain through the 2017 campaign.

It has to be a relief for Denver general manager John Elway and the rest of the organization that Miller's deal is taken care of. Now the team can build out the remainder of the roster as it does its best to guard the Lombardi Trophy in 2016 and to maintain a consistent contender thereafter.

The Broncos acquired veteran Mark Sanchez in a trade this offseason and drafted a potential franchise quarterback in Paxton Lynch.

Denver's modest QB investments in Lynch, the 26th overall pick in the 2016 NFL draft, and Sanchez on an expiring contract allowed for valuable financial flexibility to pay Miller what he deserved.

Whether Sanchez thrives with a fresh start in Denver or Lynch is prepared to play sooner than expected, the team ought to remain a playoff fixture. The window to compete for Super Bowls should remain open in the coming years thanks largely to an elite defense with Miller as a key member.