When the Broncos hire a new general manager in coming weeks, one of the first things at the top of their to-do list will be deciding Von Miller’s future in Denver. 

The star outside linebacker, who has spent every year of his career with the Broncos and helped them win Super Bowl 50 in 2015, isn’t an unrestricted free agent this offseason, but his contract does offer a club option. This means the Broncos seemingly have three options: pick up Miller’s option and bring him back for 2021, work a new and cheaper extension that keeps him in Denver through 2021 and beyond, or don’t pick up his option and let him walk. 

All have benefits and disadvantages. Picking up his option is the most expensive, but it also guarantees Miller will be back in Denver next season. Signing him to an extension is arguably the most realistic option for all parties involved, but would Miller want to take a pay cut? Letting him walk is the cheapest option, but would probably not sit well with Broncos Country as Miller has become a fan favorite during his 10 years in Denver. 

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He was also President of Football Operations John Elway’s first draft pick as general manager in 2011, taking Miller No. 2 overall. Elway said Monday that despite no longer being the GM, he will be a part of Miller’s contract discussions. 

“Yeah, I’ll be involved in that and we’ll see which direction,” Elway said. “We’d love to have Von finish his career here. He’s been a great Bronco for a long, long time, and that will be one of the big decisions we have in the offseason. The goal is to get Von back and have him end his career here.”

Miller, who is set to turn 32 in March, is the Broncos’ highest-paid player, with a base salary of $17.5 million with a $3.4 million signing bonus. Coming off a season-ending ankle injury, it’ll be hard for the Broncos to justify paying Miller over $22 million in 2021, especially with young players such as Bradley Chubb and Malik Reed — who are both 24 — filling his void nicely this season. 

That’s why an extension is the most likely option for Miller, if he wants to stay in Denver. 

“I would expect the Broncos to extend Miller in order to greatly reduce his cap figure for 2021,” said Michael Ginnitti, the founder and editor of Spotrac. “Thirty-one-plus edge rushers aren’t getting more than three-year contracts right now, so I’d put (Philadelphia Eagles) Brandon Graham’s three-year, $40 million deal as his high ceiling, especially with time missed and a dip in production over the past few seasons. The $4.225 million of dead cap on Miller’s current contract will transfer to the new one, Denver will likely offer him a nice signing bonus in order to pay him well, but also keep his 2021 cap figure tempered. If the Broncos decide to move on completely, the $4.225 million of dead cap remains for 2021, but $18 million is freed up.”

Miller’s contract decision could play a major role in what offseason moves the Broncos make, as $18 million could help them obtain a quarterback like Houston’s Deshaun Watson, sign a top-tier free agent cornerback, or give safety Justin Simmons the money many believe he deserves — approximately $15 million would make him one of the highest-paid safeties in the league. 

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“We’d love to have (Miller and Simmons) back, that’s obvious,” coach Vic Fangio said. “Once we do hire the new general manager, he’ll assess our roster, where we’re at, how it relates to the salary cap, and he’ll have the major say in that moving forward. I’d like to defer to that, but both of those guys are guys that I would like to have back.”

If Miller’s time in Denver is over, he’ll go down as one of the greatest Broncos, totaling 490 tackles, 135 tackles for loss and 106 sacks. He’s an eight-time Pro Bowler and three-time first-team All-Pro selection. 

But the time for reflecting on Miller’s career in the blue and orange will come later. Right now, the Broncos need to find a GM who will put them in the best position to succeed. 

“The GM is going to have the control of the draft, he’s going to have control of the 53 and free agency,” Elway said. “Ultimately, the GM is going to have that control and being able to come in here and do what he sees fit with the roster.”