The punter's three-year deal is worth $11.7 million, NFL.com's Ian Rapoport reported, per a source who has seen the deal. Colquitt had one year remaining on his current contract, so the deal totals $13 million over four years, according to Rapoport.
In 48 career games (all with the Broncos), Colquitt holds the franchise record for career gross punting average with 46.1 yards and net punting average (39.5 yards). His 42.1 net punting average ranked third in the NFL during the 2012 season. Colquitt's punts were returned an average of 6.0 yards, second-best in the league last season.
His brother, Dustin is, the punter for the Kansas City Chiefs.