Demaryius Thomas
Denver Broncos wide receiver Demaryius Thomas (88) pulls in a touchdown reception in the fourth quarter against the Miami Dolphins during a game in Denver last season. Reuters/Ron Chenoy/USA Today Sports

Beating the deadline for signing contract extensions this offseason, the Denver Broncos and wide receiver Demaryius Thomas agreed on five-year deal worth $70 million. The contract figure is the same as that of Dallas Cowboys receiver Dez Bryant.

Adam Schefter of reported the new deal and added that $43.5 million is guaranteed. Bryant’s guarantee is at $45 million by March 2016.

Former NFL quarterback and current Broncos general manager John Elway showed excitement that Thomas would be part of the Broncos in the next few years. “Thrilled to reach a long-term deal with Demaryius. He is one of the NFL’s top WRs & will continue to be a big part of the Broncos' success!!,” Elway posted on Twitter.

Both Thomas and Bryant will now earn $14 million per year on the average in the next five seasons and also will become two of the highest-paid wide receivers in the league. Calvin Johnson of the Detroit Lions still owns the biggest contract among wide receivers, as he’s set to earn $16.2 million annually until 2019.

Thomas made the NFL Pro Bowl squad from 2012 to 2014 and led the team last season in receiving yards (1,619) and receptions (111). Thomas also had 11 touchdowns and is one of the primary targets of veteran quarterback Peyton Manning.