Denver Broncos prepared to place franchise tag on LB Von Miller

Unless the Denver Broncos get a contract agreement with linebacker Von Miller in the final hours before Tuesday's 4 p.m. ET deadline, the team is expected to place the exclusive franchise tag on Miller, the Denver Post reported Monday.

Negotiations with Miller are ongoing, and the franchise tag allows the two sides additional time to try to work out a long-term deal by July 15.

Applying the tag on Miller would guarantee him $14.04 million for the 2016 season if no deal is reached.

If the Broncos do not reach a contract agreement with Miller, they would risk losing Miller to another team if they did not apply the exclusive tag.

Miller had 11 sacks during the 2015 regular season and five more during the playoffs. He was named the MVP of Super Bowl 50.