According to NFL insider Benjamin Allbright, the Broncos are signing Simmons to a four-year contract that's worth $61 million. The deal is expected to include $35 million in guarantees.
Simmons has been arguably the best safety in the NFL for the past two seasons. In fact, Pro Football Focus graded him as the top safety in the league.
During the 2020 season, Simmons had 96 tackles and five interceptions. He would've been the top defensive back on the market if he didn't receive the franchise tag from Denver.
Taking care of Simmons' contract situation this early in free agency allows the Broncos to lower his cap number for the 2021 season, which could then result in them making additional signings.
Allbright hinted at Denver making more moves this offseason, tweeting "Broncos aren't done, either."
Denver has been linked to former All-Pro cornerback Kyle Fuller, who was released by the Chicago Bears on Thursday. He has experience playing in Vic Fangio's system, so perhaps he'll consider a reunion with his former coach.
Even if the Broncos don't land Fuller this offseason, the front office has to be thrilled that it has Simmons on its roster for the foreseeable future.