Denver placed the franchise tag on the three-time Pro Bowler in March. The franchise tender is worth $12.82 million for next season and both sides have until Wednesday to agree to a long-term contract extension.
NFL.com reports that there is a "significant gap" between Thomas and the Broncos franchise as they try to work out a deal.
According to the report, the Broncos are willing to pay Thomas about $13 million per year in base salary, but Thomas is seeking a deal like what the Detroit Lions gave Calvin Johnson. Johnson signed a seven-year, $113.45 million contract extension (about $16.1 million a year) with Detroit in 2012, with $48 million guaranteed.
Thomas skipped all of the team off-season workouts, upsetting of Broncos general manager/executive vice president of Football Operations John Elway, who said he wanted Thomas to be with the team to get acquainted with the offense installed by new head coach Gary Kubiak.
Broncos quarterback Peyton Manning said that he wanted Thomas in Denver for off-season workouts, but added he wants him to receive a new deal.
Denver starts its training camp on July 31, with its first preseason game scheduled for Aug. 14 against the Seattle Seahawks.
Thomas, 27, set career highs with 111 receptions for 1,619 yards last season, to go along with 11 touchdowns.
The team's first-round draft pick in 2010, Thomas has 41 career touchdowns and 5,317 receiving yards in his five NFL seasons.
- Scooby Axson