The Broncos announced Elway's five-year deal on Monday. Elway's new pact will keep him in the team's front office through 2021. He also serves as the Broncos' executive vice president of football operations.
"We're pleased to reach an agreement on a five-year contract with John to continue leading our football operations," Broncos president and CEO Joe Ellis said in a team statement. "During these last six seasons, John's clearly established himself as one of the best general managers in all of sports. He's demonstrated impressive football instincts, a strong business acumen and a consistent ability to build competitive teams."
"There's no doubt John means a great deal to the Broncos, our fans and the entire community. It was important for us to reach this long-term agreement, and we're all excited to now turn our full attention toward the 2017 season."
The Broncos have totaled the second-most wins (71) in the NFL since 2011. Elway is entering his seventh season as the team's lead football executive. During his tenure, the Broncos have won the AFC West five times and appeared in two Super Bowls, including their Super Bowl 50 win against the Carolina Panthers.
"I appreciate the trust and confidence that Joe has shown in me," Elway said in the Broncos' release. "Pat Bowlen has always put outstanding leadership in place, and I'm grateful for the support Joe gives us to compete for championships each and every year.
"This is a special place, and the Broncos are home to me. While there's still a lot of work to be done, I'm excited about the future of this team and this organization."
Elway is in his 22nd season overall with the franchise, after spending his entire 16-year playing career with the Broncos. He turned 57-years-old in June.