Broncos, Demaryius Thomas agree to 5-year, reported $70-million contract

The Denver Broncos and wide receiver Demaryius Thomas have agreed to terms on a five-year, $70-million contract that includes $43.5 million in guarantees, according to Adam Schefter of ESPN.

Just minutes after reports of a long-term deal between the Dallas Cowboys and star wide receiver Dez Bryant - who was also seeking a new deal to take the place of his franchise-tag tender - the Broncos handed Thomas a nearly identical contract, aside from a relatively minor difference in guarantees.

Facing accusations of collusion due to the reportedly identical details, the Broncos refuted the allegations in a statement.

"The suggestion that our club may have colluded with another team about a negotiation is completely false and without any merit," the Broncos said, according to USA TODAY's Lindsay Jones.

NFL Network's Ian Rapoport added that the Broncos upped their offer to Thomas in a face-to-face meeting last month before again doing so Wednesday as the deadline approached.

"We are thrilled to reach a long-term contract agreement with Demaryius Thomas," Broncos general manager John Elway said on the team's official website. "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.

"Demaryius is a special talent and an elite player who has also become a team leader during his five NFL seasons. We are very much looking forward to him playing a major role in the success of the Broncos well into the future."

Rebounding from a somewhat slow start to his career after joining the team as a first-round selection in 2010, Thomas has seen his production skyrocket while teaming up with future Hall of Fame quarterback Peyton Manning over the past three seasons.

With no fewer than 92 receptions, 1,430 yards, and 10 touchdowns in any single season over that span, Thomas has cemented his status as one of the most explosive wide receiver talents in the NFL today, making it imperative for the Broncos to secure his long-term future.

Though the 2015 campaign could quite easily be Manning's last year under center before retirement, Thomas will remain a key component of the Broncos' offense for years to come.

Given the likelihood that he would have skipped both training camp and preseason action if forced to play the year under the franchise tag, settling his contract situation will also help the offense as it transitions under new head coach Gary Kubiak.