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Broncos reach agreement with Demaryius Thomas on five-year contract

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ENGLEWOOD, Colo. -- The Broncos reached agreement on a five-year contract with Pro Bowl receiver Demaryius Thomas on Wednesday. The deal is worth $70 million, with $43.5 million guaranteed, according to ESPN's Adam Schefter.

“We are thrilled to reach a long-term contract agreement with Demaryius Thomas,” Broncos General Manager John Elway said in a news release. “He has developed into one of the top wide receivers in the NFL, and making sure he remained a Denver Bronco was a significant priority for our team."

Less than a half hour earlier, receiver Dez Brant signed a similar five-year deal with the Dallas Cowboys also worth $70 million. But Bryant was offered slightly more in guaranteed money at $45 million, according to Schefter.

The Broncos and Cowboys were accused by the NFL Players Association of colluding in an effort to reduce the market value and subsequent contracts for their respective star receivers. Had the players not signed a long-term deal Wednesday, the NFLPA indicated it would pursue collusion charges against both teams.

There was a 2 p.m. deadline for both deals. If the deadline passed without a new contract for Thomas, the Broncos had given indications they would tag Thomas as their franchise player, which would have given him a one-year salary worth $12.82 million.

Thomas, 27, is second in the NFL with 5,034 receiving yards since the start of the 2011 season. In that 2011 season, he played with Tim Tebow, but he has since enjoyed the services of quarterback Peyton Manning.

With Manning under center, Thomas has had three consecutive seasons with at least 92 receptions, 1,430 yards receiving and 10 touchdowns.