Broncos pick up fifth-year option on WR Jerry Jeudy for $12.987 million

May 1—The Broncos picked up wide receiver Jerry Jeudy's fifth-year contract option for 2024 on Monday, but the roots for that decision extend back to late last season.

Jeudy was mostly a disappointment in his first 2 1/2 seasons after being taken with the No. 15 pick in the 2020 NFL draft out of Alabama. But after missing two games with an ankle injury, he had 37 catches for 454 yards in the final six games of 2022, including games with 117 and 154 yards receiving.

That led to the Broncos picking up his fifth-year option for a guaranteed $12.987 million before Tuesday's deadline. A source told the Denver Gazette that Jeudy was informed of the decision on Monday morning and was excited.

"He came on late last year with some pretty good stats, so I think he kind of showed what they wanted to see, an indication that he has first-round draft and No. 1 receiver potential," said Mark Jackson, a Denver receiver from 1986-92 who has been a Broncos analyst after his 1994 retirement. "So I think it's a good idea to pick it up."

Jeudy has been under contract in 2023 for a base salary of $2.68 million and a salary-cap number of $4.83 million. So he now has two years left on his deal and won't be due to hit free agency until March 2025 at the earliest.

Jeudy's contract number for 2024 is based on an NFL formula for players taken in the first round of the 2020 draft. Had the Broncos not picked up his option, he would have been a free agent next March, with Denver not able to negotiate a potential extension for him until then.

Jeudy last season caught 67 passes for 972 yards and six touchdowns. In three seasons, he has 157 receptions for 2,295 yards and nine touchdowns.

"Jeudy has demonstrated that he can be one of the league's top receivers," said Haven Moses, a Broncos receiver from 1972-81 who is in their Ring of Honor. "I'm happy to see that the Broncos picked up his option. He's a game-changer."

Jeudy had been the subject of trade rumors leading into last week's NFL draft, but they were shot down by general manager George Paton and coach Sean Payton.

The Broncos selected Oklahoma wide receiver Marvin Mims with the No. 63 pick in the second round of the draft. Afterward, Paton said the selection had "nothing to do with any of our receivers" currently on the roster.

However, the Broncos do have a crowded wide receiver room. It includes Courtland Sutton, who has a salary-cap number in 2023 of $18.266 million and Tim Patrick, who has a cap number of $11.071 million. The Broncos have K.J. Hamler, although he was ruled out for four to six months in March after suffering a partially torn pectoral muscle during offseason training. And other notables are Kendall Hinton and free-agent signee Marquez Callaway.