The Broncos exercise Von Miller’s option, keeping him in Denver

In a bit of a surprise move, the Broncos have decided to exercise their team option on the final year of Von Miller’s contract, keeping the linebacker in Denver for the 2021 season. The decision came down to the wire, with the team making their plans known on Tuesday morning.

The Broncos will exercise the $7 million guarantee option on Von Miller's $18 million salary for 2021, per source. Von stays. #9sports

— Mike Klis (@MikeKlis) March 16, 2021

As a result, $7 million of the $18 million that Miller is scheduled to earn this season will now be guaranteed. If the Broncos release the Super Bowl MVP at any point, they’ll only free up $11 million in cap space, as opposed to $18 million.

Denver could continue to work on a restructured deal with Miller. Picking up the option simply buys them more time, as the March 17 deadline on the guarantee was looming. According to Mike Klis of 9News, however, the linebacker turned down a new deal last week, which included a pay cut.

Currently, Miller is slated to count $22.225 million against the salary cap in 2021. It’s the final season of the six-year, $114-million deal the linebacker signed prior to the 2016 season.

Arguably the greatest defensive player in franchise history, this move increases the chances that Miller will end his career in a Broncos uniform. Miller is Denver’s all-time leader in sacks with 106, a total both he and the franchise hope to add to in 2021.

After missing the entire 2020 season with an injury, the linebacker looks to rebound this year.

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