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ENGLEWOOD, Colo. —** With the NFL's 2 p.m. MST Tuesday deadline approaching, the Broncos have designated outside linebacker Von Miller as the recipient of the team's exclusive franchise tag.

The exclusive one-year-tender offer means that his salary can be no less than the average of the top five salaries at Miller's position. The Broncos have all negotiating rights with Miller.

"Designating Von as our franchise player gives us the time to continue working toward a long-term agreement," said John Elway, Executive Vice President of Football Operations/General Manager. "We've had productive talks with Von's representation, and we'll continue those discussions with the goal of making sure Von remains a Bronco well into the future."

Miller became the fifth Bronco to receive the franchise tag from the team. Previous franchise tag recipients Jason Elam (2002) and Matt Prater (2012), tackle Ryan Clady (2013) and wide receiver Demaryius Thomas (2015) each received the franchise tag before eventually settling on a long-term solution with the Broncos.

Miller capped his fifth NFL season with a postseason run that etched his name into Broncos and NFL record books, and earned him the Super Bowl 50 MVP award. With five sacks in the playoffs, Miller tied for the fourth-most postseason sacks (since 1982, when sacks became an official statistic). He also recorded two 2.5-sack games, the best postseason single-game sack totals in Broncos history.

Posting 11 sacks, 32 quarterback hits, four forced fumbles and three fumble recoveries, Miller earned his four Pro Bowl selection. He joined Hall of Fame running back Floyd Little and Ring of Fame safety Steve Atwater as the only players to make four Pro Bowls in their first five seasons with the Broncos. Denver selected Miller in the 2011 NFL Draft with the second overall pick. In five seasons, he has racked up 60 total sacks, eighth-most in franchise history.