John Elway will be staying in Denver for a while. According to a report from Woody Paige in the Colorado Springs Gazette, Elway and the Denver Broncos are close to reaching an agreement on a contract extension.
Elway’s current contract, which Paige reports pays him around $3 million annually, expires in March. His new deal will reportedly be worth $30-35 million over five years, making him highest-paid executive in football outside of Bill Belichick, who serves as the Patriots GM and coach. Here’s Paige’s explanation:
As executive vice president of football operations (the general manager title was added after the Super Bowl against the Seahawks), Elway earns, according to my estimation (since executive salaries are rarely revealed), about $3 million annually.
His contract expires in March – before the draft.
Ravens general manager Ozzie Newsome is on a reported $3.75M contract, and Seattle’s John Schneider was seeking $4 million last year before settling for $3.75M.
Jerry Jones is owner/president/GM of the Cowboys, so his annual income doesn’t compute or count, compared to other general managers. The Patriots don’t have a titled general manager, but coach Bill Belichick is the de facto GM. He is paid for both jobs at a reported annual rate of $7.5 million.
Elway, I believe, has been offered $30 million-$35 million for a five-year extension, which would be his biggest contract as player or executive.
Either way, it’s a lot of money for the Broncos to keep their most important player in franchise history in his current role running the team….
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