Stephenson's 2017 contract included a $4 million injury-only guarantee on Monday, but instead he will get $2 million fully guaranteed now and the other $2 million if he makes the final 53-man roster, Mike Klis of KUSA reported Sunday.
John Elway, the Broncos' executive vice president of football operations/general manager, insisted during the recent NFL Scouting Combine that offensive line would be the team's priority in free agency.
Former Oakland Raiders offensive lineman Menelik Watson, who has primarily played right tackle, agreed to a three-year deal with the Broncos on Friday. Watson played in 10 games and started five for the Raiders last season.
With Watson likely to take over at right tackle, the Broncos might try Stephenson at left tackle, according to KUSA.