The Broncos have reached an agreement in principle with cornerback Chris Harris on a five-year contract extension.

The deal will make Harris the NFL’s highest-paid “No. 2” cornerback while the total value of $42.5 million ranks sixth in the league.

It’s a crowning achievement of sorts for a defensive back who received a $2,000 signing bonus from the Broncos as an undrafted rookie free agent in 2011.

“It hasn’t sunk in yet,” Harris said Friday night from his Denver-area home. “I’m just relieved and happy to have it over with. This has been a long process. It feels like I got a big monkey off my back and now I’m definitely clear-minded. I can now completely focus on trying to beat the Chargers and win the Super Bowl.” “

The new contract that will run through the 2019 season includes a whopping $10 million signing bonus and $24 million in guarantees. Harris will continue to play this season on the $2.19 million salary he received as a second-round tendered restricted free agent. The new deal will then pay Harris $18 million through his first two seasons — the same two-year amount the Broncos are paying “No. 1” corner Aqib Talib.

The Broncos opened negotiations with Harris last month, and at times it appeared the deal was on life support. Negotiations gained momentum when Broncos general manager John Elway became personally involved by engaging in dialogue with Harris’ agent, Fred Lyles.

“Chris is a young, ascending player who has consistently performed at a high level during his first four years in the NFL,” Elway said in a statement. “He joined the Broncos as a college free agent and has worked tirelessly to become one of the league’s best at his position.

“It’s a priority for us to develop and reward our own players as we continue assembling the best possible team.”

Among the points to address during negotiations was whether to classify Harris as a “No. 2” cornerback — or the best cornerback in the league. Pro Football Focus has him ranked as the league’s No. 1 cornerback this season with a 22.3 rating entering the Broncos’ game Sunday at San Diego. New England’s Darrelle Revis ranks second with a 19.5 grade, followed by Vontae Davis at 15.9.

Harris, 25, was ranked as the fifth-best cornerback by Pro Football Focus in 2012 and eighth in 2013, so it’s not like his performance this season has been a fluke.

Unlike the so-called “cover” cornerbacks such as Revis, Richard Sherman and Talib, Harris is a more versatile defender who starts out playing outside but often moves inside to the nickel position, where his instincts and tackling skills can be better utilized.

“I know I could have got more out in the (free-agent) market,” Harris said. “I could have been someone else’s No. 1 corner, but I decided it was best for me and my family to stay. I love it here. I love the fans. I love to come to work here. Everything about the city I love. The coaches I love. I’m just thankful to John and the Broncos for giving me an opportunity to come in and play and show them what I’ve got and then blessing me with this.”

The deal is well-timed not only for Harris, whose wife, Leah, delivered their first child, daughter Aria, seven weeks ago, but the Broncos, too. This is a team confronting several difficult financial decisions on impending high-profile free agents. As the Broncos get ready for another playoff run, the Harris deal sends a message to the locker room that management will reward its own.

Harris received the third-biggest extension Elway has awarded since 2011, following cornerback Champ Bailey (four years, $43 million) and left tackle Ryan Clady (five years, $52.5 million).

The $8.5 million annual average on Harris’ deal exceeds that of Green Bay’s Tramon Williams, who had been considered the league’s highest-paid “No. 2” corner with an $8.25 million average.

Among all cornerbacks, Harris’ deal is 12th in annual average.

Harris is receiving the most total dollars in the history of undrafted cornerbacks: The $42.5 million exceeds the $39 million deal (over four years) the Packers gave Sam Shields.

“I’m excited for Chris and his family today,” Lyles said. “It shows hard work pays off. I give the Broncos and John Elway credit. They didn’t let the fact he was an undrafted free agent get in the way of showing a commitment to Chris.”

After pulling off an upset by making the Broncos’ season-opening 53-man roster in 2011, Harris started his rookie year as a special teams player and the team’s No. 4 cornerback. He was promoted to the nickelback role in his sixth game, and he became a starter early in 2012.

Harris’ deal is further impressive in that he began this season rehabilitating a partially torn ACL and he has yet to make a Pro Bowl, although if Pro Football Focus has any influence, a correction could be made in two weeks when the NFL announces its newest group of all-stars.