Entering the final year of the pact he signed in January 2011, Elway is now under lock and key through the 2017 campaign.
"I am grateful for the opportunity that I've been given with the Broncos," Elway said, per the team's official website. "Our goal is to continue building on the culture of winning established by (owner and CEO) Pat Bowlen, and we remain relentlessly committed to delivering a world championship to our fans."
The duo have since etched a 26-6 regular-season record together, with Elway and his staff adding the right amount of veteran and young talent to both sides of the ball. February's brutal loss to the Seattle Seahawks will sting all winter and spring, but with Elway and Manning at the controls, Denver remains a favorite to return to the Super Bowl next season.