The Broncos made a contract offer to outside linebacker Von Miller worth $114.5 million over six years that would make Miller the highest-paid player who is not a quarterback in overall value, a source confirmed.

But it essentially is a two-year deal, with $38.5 million fully guaranteed and the ability to earn another $1.3 million in workout bonuses over that time. The third year is guaranteed only for injury once Miller gets to that year, meaning the Broncos could cut him after only two seasons.

A soft deadline on the Broncos’ recent offer to Miller expired, but the offer has not been pulled. There have been other deadlines during the negotiation process that were set and expired along the way, but the process has continued.

July 15 is the ultimate deadline for a deal to be reached, and sides have seemingly dug in while a large gap must still be bridged. Typically, these deals are measured on how much is guaranteed — specifically, how much is guaranteed over the first three years at signing.

Defensive tackle Marcell Dareus leads all players who are not quarterbacks with $60 million guaranteed in the six-year, $96.5 million extension he signed with the Bills last year. According to ProFootballTalk, $42.9 million of that was guaranteed at signing.

The overall value of the Broncos’ offer would move Miller past defensive tackle Ndamukong Suh, who received a six-year, $114 million contract from the Dolphins in 2015. But Suh’s contract includes about $59.96 million in guarantees, which he will receive in the first three years of the deal.

Suh’s guaranteed figure for those three years is likely the baseline for Miller.

The Broncos have a history of spreading the guaranteed money, so a chunk of it isn’t received until the start of the third year. For example, Aqib Talib signed a six-year, $57 million contract in 2014 with $25 million in guarantees, but his $8.5 million base salary for 2016 wasn’t guaranteed until March 11, the third day of the 2016 league year.

Miller was given the Broncos’ exclusive franchise tag but hasn’t signed the one-year tender, worth about $14.1 million guaranteed, and has held out of the team’s offseason workout program as the sides work toward a long-term deal. He rejoined his teammates for their visit to the White House Monday and reiterated his optimism of a deal getting done.

“We’ve made real progress over the last couple of days,” Miller told media in Washington. “I’m very optimistic about the whole thing.”

Last week Broncos general manager John Elway offered a similar sentiment, saying that talks were ongoing with Miller’s representatives and that he hopes to work out a new contract not only for Miller, but also receiver Emmanuel Sanders and inside linebacker Brandon Marshall. Sanders is on the final year of his contract and Marshall is a restricted free agent.

“We’re still in the process, and we’re hopeful we can get something done,” Elway said of Miller. We’re in negotiations with him. “We’re working on (Sanders and Marshall), too. I’ve gone back and forth with their agents. The ideal thing would be to get all three of them done (by mid-July). That’s kind of the goal.”