According to Klis, the contract includes $3.2 million in guaranteed money.
Selected with the No. 36 pick in the 2012 NFL Draft, the 6-foot-5, 295-pound Wolfe was a three-year starter at the University of Cincinnati, posting 162 tackles, 37 tackles for a loss and 19.5 sacks in 44 games.
Financial issues nearly prompted Wolfe to enter the draft following his junior season, but he decided to remain in school. That decision was rewarded when Wolfe posted 70 tackles, 21.5 tackles for a loss and 9.5 sacks as a senior, earning co-Big East Defensive Player of the Year honors.
Warren missed all of 2011 with a torn triceps and is currently resisting attempts by the Broncos to reduce his $4 million base salary. If Warren does not take a pay cut, he could be released and Wolfe could be asked to be a major contributor this season.
Cincinnati operates on the quarter academic system, therefore Wolfe is not able to participate in the team's OTAs until the school completes its final exams.
"It's frustrating because I want to be out there with my teammates," Wolfe said from his home in Ohio. "But it's one of those things where it's out of my control. I've been working out back here at home. I wish I was back there, believe me."