Report: Broncos offer Osweiler three-year, $45 million deal

The Denver Broncos have reportedly offered Brock Osweiler a three-year deal worth more than $45 million.

The Denver Broncos have offered Brock Osweiler a three-year deal worth more than $45 million, according to Mike Klis of KUSA.

A Denver Postreport Friday indicated the Broncos made a “competitive” offer likely worth upward of $12.27 million annually.

Denver’s exclusive negotiating window with Osweiler, who performed ably in relief of Peyton Manning last season, closes Monday. He will become an unrestricted free agent on Wednesday when the new league year begins. Denver opted to use its franchise tag on linebacker and Super Bowl MVP Von Miller.

The Broncos are currently waiting to learn if Peyton Manning will retire following the team's win in Super Bowl 50. If Manning opts to continue his career at age 39, the Broncos could choose to release him and move forward with the 25-year-old Osweiler. KUSA reports that Denver is expecting an update on Manning’s future on Monday or Tuesday.

• Purchase SI’s commemorative Broncos Super Bowl issue

Osweiler threw for 1,967 yards, 10 touchdowns and six interceptions in eight games this season while starting in place of the injured Manning, who returned rested for the postseason.

Denver drafted Osweiler in the second round of the 2012 draft, 57th overall.