Denver had until Tuesday to pick up the option or Miller would have become an unrestricted free agent
Von Miller's time with the Broncos isn't over yet.
With a contract decision looming for Denver, the franchise will exercise Miller's $7 million guarantee option on his $17.5 million base salary for the 2021 season, according to 9News' Mike Klis.
Broncos general manager George Paton recently said the Broncos were "working through" a decision on exercising the linebacker's option and discussing it with his Miller's agent. Denver had until Tuesday to pick up the option or Miller would have become an unrestricted free agent.
According to Klis, the team offered Miller a restructured deal last week that included a pay cut, which Miller declined. While the Broncos "wanted Miller at [a] lower price," Paton reportedly always intended to keep the star pass rusher with the franchise.
Klis previously reported that Denver was looking to rework Miller's contract to lower his salary and his $22.2 million cap hit.
Miller, who turns 32 on March 26, missed the entire 2020 season after suffering an ankle injury at practice on a routine play in early September. He underwent surgery on Sept. 11, 2020, to repair a dislocated peroneal tendon in his ankle.
Prior to the ankle injury, Miller had mostly avoided injury woes throughout his NFL career. He missed one start in 2019 due to a knee injury but still registered eight sacks, 10 tackles for loss, and 20 quarterback hits in 15 games. It marked his first time since 2013 that he didn't reach double-digit sacks, but Miller only played in nine games that year.
Miller has spent his entire 10-year career with the Broncos, who drafted him with the No. 2 pick in 2011. In 135 games, he's tallied a league-leading 106 sacks among active players, reached eight Pro Bowls and was named the 2015 Super Bowl MVP.