Per Klis, the decision involved a $1.1 million payout ahead of Harris Jr.'s $7.4 million salary for the upcoming season. The 28-year-old defensive back reportedly also has a $100,000 workout bonus.
Harris Jr. is signed through 2019 and has a salary of $7.8 million for the final year of the deal.
Keeping Harris Jr. in Denver was extremely important for a team that reportedly is looking to trade cornerback Aqib Talib. The Broncos would get $11 million in salary-cap space should Talib depart.
The durable Harris Jr. has played in each game over the past five seasons and all but one during his seven-year NFL career. He recorded 40 tackles, two interceptions and a forced fumble for the Broncos last season.
Harris Jr. has collected 413 tackles, 3.5 sacks and 16 interceptions in 111 career games, all with the Broncos.