Anderson confirmed the decision on Twitter.
"Just got off the phone with C.J. and let him know we're excited to match the offer sheet," Broncos general manager John Elway wrote on Twitter. "We have high expectations for C.J. and are glad he's back!"
During a news conference on Tuesday, Anderson said money didn't factor in his decision to return to Denver.
"It wasn't about the money," Anderson said. "If it was about the money I would've chose Chicago, because they offered more."
It's a big keep for Elway, who has seen several key contributors walk out the door in free agency, including quarterback Brock Osweiler, defensive tackle Malik Jackson and linebacker Danny Trevathan. Retaining a talented young player like Anderson ensures some continuity on offense in what will be a challenging title defense with a new starting quarterback. Anderson led the team in rushing last season with 720 yards and five touchdowns on 152 carries.
The signing doesn't come without risks. Anderson has had stretches in each of the past two seasons during which he looked like one of the conference's top backfield options, but he's yet to show consistency over a full season. Obviously, the Broncos believe Anderson has what it takes to put it together.