Matt Prater, Broncos Agree To 4-Year Extension

Denver Broncos, Matt Prater Agree To 4-Year Extension

The Denver Broncos announced on Monday afternoon that they agreed to a new four-year deal with kicker Matt Prater. John Elway, the team's executive vice president for football operations, revealed the news via Twitter.

Happy to announce we have signed kicker Matt Prater to a new four-year deal. ...

— John Elway (@johnelway) July 2, 2012

Denver used the franchise tag on Prater this spring to keep him on the team. That would have guaranteed him a one-year salary of $2.6 million. Financial terms of Prater's new deal were not disclosed as of Monday afternoon.

The length of the contract differs from reports that surfaced in June claiming that the two sides were nearing completion of a five-year deal.

Prater, 27, made 76 percent of his field goal attempts last season, including three of four attempts of 50 yards or more. He has a career field goal percentage of 78.4 percent and an 80.4 percent mark in four seasons with the Broncos.

For more on the Broncos, visit Mile High Report.

Matt Prater, Broncos Getting Close To 5-Year Contract

Earlier in the offseason the Denver Broncos used the franchise tag on kicker Matt Prater, which would guarantee him a $2.6 million contract for the 2012 season. According to a report from the Denver Post, Prater and the Broncos are nearing an agreement on a contract.

Per the report, it's a five-year contract.

The two sides have been negotiating a deal and enough progress has been made for the Broncos to believe something will be finalized soon, the Post reports:

However, Prater and the Broncos have been working on a five-year contract extension that figures to average more than $3 million per. The two sides made enough progress last week for the Broncos to believe a settlement could be reached in time for the team's mandatory minicamp, which will be held next week.

For more on Matt Prater and the Denver Broncos, visit SB Nation's Broncos blog Mile High Report as well as SB Nation Denver.

Matt Prater To Be Given Broncos' Franchise Tag

The Denver Broncos have been trying to come to a long-term deal with kicker Matt Prater unsuccessfully. The team will now use its franchise tag on the kicker, according to a report by Adam Schefter of ESPN.

Broncos will use their franchise tag today on kicker Matt Prater.

— Adam Schefter (@AdamSchefter) March 5, 2012

The franchise tag for kickers is projected at $2.9 million guaranteed for the 2012 season, which is what Prater will be paid if he signs and plays on the tender. Teams have until July 15 to work out a long-term contract and remove the franchise tag designation. Prater was a big piece to the Broncos puzzle during their six-game winning streak and trip to the NFL playoffs, successfully making some clutch kicks to win games or send them into overtime.

For more on Matt Prater and the Denver Broncos, visit SB Nation's Broncos blog Mile High Report.