The Sports Xchange

The Denver Broncos and star wide receiver Demaryius Thomas reached agreement on a five-year deal, right before Wednesday’s deadline for franchise-tagged players.

A source told ESPN’s Adam Schefter the deal is worth $70 million and includes $43.5 million guaranteed.

The news came moments after reports surfaced that the Dallas Cowboys and franchised-tagged wide receiver Dez Bryant agreed to a similar five-year deal.

Under the franchise tender, Thomas was set to make $12.8 million for the 2015 season.

Thomas skipped all of the team’s offseason workouts while seeking a deal by Wednesday’s 4 p.m. ET deadline for franchise-tagged players to negotiate a multi-year contract.

John Elway, the Broncos’ executive vice president and general manager, said in recent months the team wanted to sign Thomas to a long-term deal. Coach Gary Kubiak said he believed a deal would get done.

Thomas has three consecutive seasons with at least 92 catches, 1,430 yards receiving and 10 touchdowns. In his five years with the Broncos, he has 351 receptions for 5,317 and 41 touchdowns.