The Broncos had until Saturday to engage the option year or Miller would have been scheduled to be an unrestricted free agent following the 2014 season. Miller, who is recovering from ACL surgery, now has two seasons remaining on his deal.
The figure is calculated as an average of the top 10 salaries at each spot. For Miller, that would mean a $9.754 million salary if he’s on the roster when the new league year begins next March.
In 2011, the first year of the current collective bargaining agreement and the year the Broncos took Miller with the No. 2 pick of the draft, teams were given the option of a fifth year for first-round picks as part of the transition to the new rookie wage scale.
The “fifth-year option” has to be engaged by May 3 and the option-year salary doesn’t become guaranteed until March 2015.
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