ENGLEWOOD, Colo. -- The Broncos reached an agreement with first-round draft pick Paxton Lynch on Thursday.
The four-year contract with the quarterback includes a $5.1 million signing bonus and a fifth-year option the team can exercise after the 2018 season.
The value of the contract is about $9.5 million based on the NFL's slot system that is used for rookies. Lynch is expected to sign the contract later Thursday.
The Broncos traded up five spots from their No. 31 pick to select Lynch, a 6-foot-7 quarterback out of the University of Memphis.
Lynch has been sharing reps with Mark Sanchez and Trevor Siemian during the offseason.
The agreement with Lynch means the Broncos have all eight of their draft picks under contract.