Broncos, John Elway agree to 5-year extension through 2021

The Broncos and general manager/vice president John Elway have agreed to a new five-year contract extension that will keep him in Denver through the 2021 season, the team announced Monday.

"We're pleased to reach an agreement on a five-year contract with John to continue leading our football operations," Broncos president and CEO Joe Ellis said. "During these last six seasons, John's clearly established himself as one of the best general managers in all of sports. He's demonstrated impressive football instincts, a strong business acumen, and a consistent ability to build competitive teams.

"There's no doubt John means a great deal to the Broncos, our fans and the entire community. It was important for us to reach this long-term agreement, and we're all excited to now turn our full attention toward the 2017 season."

As reportedly expected, Elway's new deal is expected to make him the NFL's highest paid in his position, though the figures are not yet known, reports ESPN's Adam Schefter, who first broke the news.

Elway will apparently blow the ceiling off the market, earning just under double that of the current highest-paid GMs, Ozzie Newsome of the Baltimore Ravens and John Schneider of the Seattle Seahawks, who both make $3.75 million a year.

It's hard to argue that Elway doesn't deserve his big payday, however. The 57-year-old has overseen a highly successful period for the Broncos, in which they've posted a winning record in every season and appeared in two Super Bowls, winning one in 2015.