Report: Broncos, Patrick finalizing 3-year, $34.5M extension

The Denver Broncos and wide receiver Tim Patrick are finalizing a three-year contract extension, sources told Mike Klis of 9News.

The deal carries a maximum value of $34.5 million and includes $18.5 million guaranteed, reports NFL Network's Tom Pelissero.

Patrick, who ranks second on the Broncos in receiving with 523 yards, was due to become a free agent at the end of the season.

The 27-year-old enjoyed a breakout 2020 campaign, posting 742 yards and six touchdowns.

Undrafted out of Utah in 2017, Patrick has developed into one of the most well-rounded receivers in the NFL. He boasts one of the best drop rates in the league, has made his fair share of highlight-reel grabs, and is particularly effective against man coverage.

The Broncos now have four of their top targets - Patrick, Jerry Jeudy, K.J. Hamler, and Noah Fant - tied to the team for at least two more seasons. Their leading receiver, Courtland Sutton, is on an expiring contract.