DENVER, Feb. 26 (UPI) -- The Denver Broncos have reportedly agreed to a
seven-year contract with veteran wideout Rod Smith that will make him the highest-paid receiver in franchise history.
The Denver Post reported Tuesday that the Broncos essentially tore up the final two years of Smith's existing contract and
replaced it with a deal worth $40 million. He reportedly will receive an $11 million signing bonus, the second most in franchise history behind the $12.6 million given to quarterback
Brian Griese last year.
The deal would allow the Broncos to save $3.6 million against the salary cap since Smith's existing contract would be voided.
Like most NFL teams, the Broncos need to make several moves to get under the $71.1 million spending limit by Friday.
The 31-year-old Smith has posted 1,000-yard performances in each of the past five seasons. The seven-year veteran led the NFL in 2001 with a franchise-record 113 catches for 1,343 yards and 11 touchdown catches.
