The Broncos announced on Wednesday that they have given Elway a three-year contract extension and the title of "general manager.”
"I am grateful for the opportunity I've been given with the Broncos," Elway said in a statement. "Our goal is to continue building on the culture of winning established by Pat Bowlen, and we remain relentlessly committed to delivering a world championship to our fans."
Denver Broncos (@Broncos) February 12, 2014
Elway was entering the final year of the agreement he signed with the Broncos in January 2011.
"Our organization is extremely pleased with the work John Elway has done in his three years since rejoining the Broncos," said team president Joe Ellis. "He has demonstrated great vision and leadership in his role, assembling a championship-caliber team and positioning it for sustained success. We are very confident in the direction of the Broncos with John Elway leading our football operations."
Following the Super Bowl loss, Elway and his staff took four days off before beginning the process of evaluating free agents and draft prospects for the 2014 season.
"There are some changes we've got to make and we'll make those," Elway said during a postseason news conference.
"The goal has not changed and it will not change. We will use this as an experience that we went through, be disappointed that we didn't play better, but the bottom line is this organization and what Pat Bowlen wants from this organization -- that has not changed and it will not change. The bottom line is we're going to work as hard as we worked this year, if not harder, and continue to do that with the mind-set that we want to be world champions and we're going to do everything we can to get there."
Elway was the Broncos' quarterback from 1983-98 and he led them to five Super Bowl appearances and two world championships.