Report: Ryan Clady, Broncos agree to 5-year, $57.5 million contract

The Broncos' have 'sweetened' their offer in contract discussions with franchise player Ryan Clady. (Joe Robbins/Getty Images)

The Denver Broncos and left tackle Ryan Clady have agreed to a five-year, $52.5 million contract with $33 million guaranteed, ESPN.com's Adam Schefter reported Sunday night.

The extension marks a $1.5 million annual increase from the Broncos' previous offers to Clady, who is the team's designated franchise player. He had rejected Denver's previous long-term contract offers.

In February, the Broncos placed the franchise tag on their star 26-year-old left tackle. Now, it looks like a possible Broncos-Clady agreement could be the only long-term deal for a franchise-tagged player that gets done.

If the two sides did not agree on a long-term deal by Monday’s deadline, Clady would have played out the season on a one-year deal and then become a free agent next offseason. He is coming off a right shoulder injury in 2012 that required offseason surgery.