The Denver Broncos have placed their exclusive franchise tag on Super Bowl 50 MVP Von Miller.

That guarantees the star pass rusher a salary of $14.129 million US for 2016.

However, both sides are confident they'll work out an extension before the July 15 deadline that will make Miller yet another $100-million player.

No other team can negotiate with Miller, who led Denver's destructive defence to a 24-10 victory over Cam Newton and the Carolina Panthers in the Super Bowl last month.

General manager John Elway had hoped to get a deal done with Miller's agent by Tuesday so he wouldn't have to use the franchise tag on the outside linebacker who has 60 sacks in his first five NFL seasons.

Here's an explanation of the different types of tags NFL teams may apply to players:

  • Exclusive franchise tag — One-year contract at the average of the top five contracts for the player's respective position, or 120 per cent of the player's previous salary (whichever is greater). The player cannot negotiate with any other teams and is bound to the team that placed the tag on him.
  • Non-exclusive franchise tag — One-year contract at the average of the top five contracts for the player's respective position, or 120 per cent of the player's previous salary (whichever is greater). The player can negotiate with other teams but his current team has the right to match any offer sheet signed by the player. If they refuse to match, the team receives two first-round picks as compensation.
  • Transition tag — One-year contract at the average of the top 10 contracts for the player's respective position, or 120 per cent of the player's previous salary (whichever is greater). The player can negotiate with other teams but his current team has the right to match any offer sheet signed by the player. If they refuse to match, the team will receive no compensation. 

Panthers franchise Norman

The Carolina Panthers have applied the non-exclusive franchise tag to All-Pro cornerback Josh Norman.

The team made the announcement before Tuesday's deadline.

Norman will make $13.952 million next season unless he signs a long-term contract extension. Carolina has until mid-July to negotiate a new deal with Norman.

Norman told The Associated Press that "sure, everyone wants a long-term contract because it means more stability. But there isn't much you can do."

The 28-year-old Norman had four interceptions in the first four games of the 2015 season, returning two for touchdowns.

Dolphins slap transition tag on Vernon

The Miami Dolphins placed the transition tag on defensive end Olivier Vernon on Tuesday, the deadline for tagging unrestricted free agents.

This year's transition tag number calls for defensive ends to receive $12.734 million if the sides can't reach a long-term deal. 

Vernon, 25, has spent all four years of his career with the Dolphins after the team selected in the third round (72nd overall) in the 2012 draft. Vernon has played in 64 games, starting all 32 games the past two seasons, and has become a force as a pass rusher. Over the past three seasons, Vernon has 25 1-2 sacks. He led the Dolphins with 7 1-2 sacks and 36 quarterback hits (36) in 2015.

Cousins to sign franchise tag

Washington Redskins quarterback Kirk Cousins has accepted the team's non-exclusive franchise tender and will sign a one-year contract for next season, the NFL reported on its website  on Wednesday.

Under the agreement, Cousins is scheduled to be paid $19.95 million for the campaign, although the Redskins have until July 15 to complete a long-term deal or he will play under the tag.

Once the tender is signed on Thursday, Cousins will put himself out of the market to negotiate with any team willing to consider giving up two first-round draft picks in an effort to pry the former Michigan State star away from the Redskins.

Cousins saw his stock rise this past campaign when he took the starting job from Robert Griffin III on a permanent basis and flourished in the role.

The fourth-year signal-caller threw for 29 touchdowns and led Washington to a playoff berth.

Jeffery tagged by Bears 

The Chicago Bears placed the non-exclusive franchise tag on top receiver Alshon Jeffery on Monday, leaving him until July 15 to reach a multi-year deal or play next season for $14.6 million.

The move comes on the heels of an injury-plagued year in which Jeffery led the team with 807 yards despite being limited to nine games. Jeffery played in all 16 games the previous two years, finishing with 1,421 yards in 2013 and 1,133 in 2014.

The Bears envisioned Jeffery forming a one-two combination with rookie Kevin White. Those plans got put on hold with White missing the season because of a stress fracture in his left shin.

Bradford signs extension 

Sam Bradford is staying in Philadelphia.

Bradford agreed to a two-year contract with the Eagles on Tuesday, passing up an opportunity to test free agency next week. The deal is worth up to $40 million, including incentives, with $22 million guaranteed, according to a person familiar with the deal. The person spoke to The Associated Press on condition of anonymity because terms weren't publicly disclosed.

Bradford joined the Eagles last season and compiled some career bests, but the team finished 7-9 and coach Chip Kelly was fired. New coach Doug Pederson praised Bradford's skill set and the team's front office decided to keep the injury-prone former No. 1 overall pick without committing to him long term.

The 28-year-old Bradford was acquired by the Eagles in a trade a year ago with the Rams that sent Philadelphia's incumbent quarterback, Nick Foles, to St. Louis along with a 2016 second-round draft pick. Bradford started 14 games and threw for a career-high 3,725 yards, the fourth-highest yardage total in franchise history. Bradford's 346 completions and his career-best 65.03 completion percentage both were single-season team records.