While the Broncos did not divulge the specific terms of the deal, Mike Klis of KUSA reported that Chubb's four-year contract -- with a team option for a fifth season -- is expected to be worth a total of $27.27 million with a $17.914 million signing bonus.
Chubb became the ninth member of the 10-player draft class to sign for the Broncos, who have yet to ink third-round running back Royce Freeman.
The 21-year-old Chubb recorded 25 sacks and 54.5 tackles for loss with North Carolina State. He registered 10 sacks in each of his last two seasons with the Wolfpack.
Chubb, who is listed at 6-foot-4 and 259 pounds, is expected to receive playing time early in the season and start alongside three-time All-Pro linebacker Von Miller with Shane Ray nursing a wrist injury.
Ray is expected to be sidelined for three months.