With the signing of Von Miller to a six-year contract of $114.5 million on Friday, the Broncos increases its salary cap space to an estimated $6,326,512 for the Top 51 players including dead cap. This is the NFL- NFL Players Association collective bargaining agreement (CBA) metric for calculating the salary cap while NFL teams carry a 90-man roster during pre-season.

The club expanded its salary cap by $3.29 million because of the specific structure of Miller’s contract. Using Denver KUSA’s Mike Klis’ reported contract details, I calculated the contract structure for its six-year duration.

Miller’s 2016 CBA P5 salary is only an estimated $1.5 million. He made a significant compromise on behalf of the club by agreeing to this relatively small amount. But Miller makes up for it by getting an effective $70 million fully guaranteed through carefully arranged rolling guarantees coupled with huge dead money triggers of $50.17 million in 2017 and $39.33 million in 2018.

The Broncos adjusted 2016 salary cap is $154,095,041 (NFL team allocation of $155,270,000, adding a $3,300,000 rollover and subtracting a $4,400,000 adjustment). Top 51 cap is (including dead cap of $8,436,634) is $147,768,529. The difference yields the available $6.3 million cap space.

One of the remaining major off-season agenda items for John Elway is to extend the contract of receiver Emmanuel Sanders, who is entering the last season of a three-year deal worth $15 million. Negotiations had recently started. According to Klis, Sanders and the Broncos exchanged offers.

Next for Broncos: WR Emmanuel Sanders extension. Two sides have recently exchanged proposals. We'll see. #9news — Mike Klis (@MikeKlis) June 15, 2016

Eric Goodman, co-host of Afternoon Drive on Denver FM 104.7, tweeted further details of Sander’s proposal.

Update on #Broncos Sanders negotiations…Sides have exchanged 1 proposal…Sanders seeking $24M guaranteed (not fully) w/settle for $21M.. — Eric Goodman (@EricGoodman) June 15, 2016

In the two seasons Sanders has play for Broncos, he has made 177 catches, caught for 2,539 receiving yards, and achieved 15 touchdowns, making him one of the most productive NFL receivers. Using Sander’s parameters, I have constructed a three-year extension contract which will average $12 million per year for the next four years, compensation which places him as the seventh highest paid NFL receiver, per Spotrac.com.

These calculations include the current basic salary of $5.6 million and the remaining $1 million signing bonus that counts against the team’s 2016 salary cap space. Even if Sanders salary cap hit increases from the current $6,6 million to $12 million, the Broncos will still have an estimated $5 million in cap space with a 53-man roster.

Here is how Sander’s offer compares to the compensation of receivers who had similar total yards received in 2015.

Landry and Cooks are still playing under their rookie contracts. In contrast Hilton and Maclin are paid under long-term deals as veterans. Here is how Sander’s offer compares with the six receivers with the highest average annual compensation amounts.

According to ProFootballTalk.com contract talks between Sanders and the Broncos were suspended on on July 7 pending the outcome of deal with Miller. Now that his contract his resolved, Elway will most likely focus his attention on Sanders’ extension.