As expected, the Broncos have placed their exclusive franchise tag on Von Miller.
The news became official ahead of Tuesday’s 4 p.m. ET deadline, with the linebacker and Super Bowl 50 MVP becoming the fifth Bronco to receive the franchise tag from the team.
With the exclusive one-year-tender, the Broncos hold all negotiating rights with Miller. Unless he and the Broncos can reach an agreement on a long-term deal by July 15, Miller is set to make $14.129 million in 2016 under the tender.
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"Designating Von as our franchise player gives us the time to continue working toward a long-term agreement," Brocnos general manager John Elway said, via the team's website.