NFL Network's James Palmer reported that the three-year pact is worth $33 million and runs through 2019. NFL Network Insider Ian Rapoport added that Sanders will receive $27 million in guarantees.
Prior to the extension, Sanders was set to make $5.6 million this season as part of the three-year, $15 million deal he signed in 2014. Fellow Broncos receiver Demaryius Thomas also inked a five-year, $70 million contract last offseason, ensuring that new starting quarterback Trevor Siemian -- and, ultimately, rookie Paxton Lynch -- will have both players on the field for years to come.
The Broncos, incidentally, are the only club with multiple 1,000-yard receivers in each of the past two seasons.
He's no longer among the NFL's younger crop of pass-catchers, but Sanders fits well into coach Gary Kubiak's system and remains a key part of this offense -- no matter how run-oriented the Broncos become in 2016.