Broncos, GM John Elway agree to 5-year contract extension through 2021

On the field, John Elway led the Denver Broncos to so many fourth quarter comebacks (35 over his 16-year career), among his handful of nicknames is “The Comeback Kid.”

On Monday, Elway pulled another one out just under the deadline, as the club and he made good on pledges to have the general manager wrapped up long-term by training camp.

First reported by ESPN NFL Insider Adam Schefter, Elway and the Broncos agreed to a five-year contract extension that will keep him in Denver through the 2021 season and likely make him the highest-paid GM in the NFL.

No figures yet on John Elway’s new 5-year contract with Broncos, but it is fully expected to make him NFL’s highest paid GM.

— Adam Schefter (@AdamSchefter) July 24, 2017

In a team release, Elway said he appreciated the “trust and confidence” the organization, including president and CEO Joe Ellis and owner Pat Bowlen, has shown in him during his foray the front office.

“This is a special place, and the Broncos are home to me. While there’s still a lot of work to be done, I’m excited about the future of this team and this organization,” Elway said.

Ellis praised Elway’s leadership in the football operations of the Broncos over the past six season, saying the NFL Hall of Fame quarterback has “clearly established himself as one of the best general managers in all of sports.”

“There’s no doubt John means a great deal to the Broncos, our fans, and the entire community,” Ellis said. “It was important for us to reach this long-term agreement, and we’re all excited to now turn our full attention toward the 2017 season.”

Denver 7 Broncos Insider Troy Renck, joining “Stokley & Zach” last week, said the deal may have taken a bit longer because it’s hard to pinpoint a value to Elway, who’s not only among the league’s top GMs but also the long-time face of the franchise.

“He deserves to be the highest-paid GM. I think you can make that argument. But in Denver, John Elway has a presence and ability and he has a profile he would have nowhere else in the league,” Renck said on Tuesday.

“He is the Broncos to so many people. So, how do you assign value to that? Do you give him more money because of who he is? Do you give him a little more responsibility and tweak a title?”

Just during his tenure as an executive, Elway’s led the Broncos to five straight AFC West division titles, two Super Bowls, and one world championship in 2015.

In that time, Denver’s 73 wins is the second-most overall in the NFL, and the club joins the New England Patriots as the only two squads with nine or more wins in each of the last six seasons — regular season and playoff.

Elway also spent all of his 16-year NFL career with the Denver Broncos, leading the team to five Super Bowl appearances and two world championships.

Follow digital content producer Johnny Hart on Twitter: @JohnnyHart7.