Derek Wolfe Signs 4-Year Contract Extension

ENGLEWOOD, Colo. (CBS4) - Broncos defensive end Derek Wolfe has signed a four-year contract extension with the Broncos.

Broncos General Manager John Elway announced the news in a tweet and showed a photo of him shaking hands with Wolfe at Broncos headquarters on Friday afternoon.

A report by NFL Network's Ian Rapoport stated the deal is worth $36.7 million over four years with $17.5 million in guarantees.

"Derek is a very talented and hard-working player who has improved every season since we drafted him in 2012," said Elway in a prepared statement. "This year, Derek has developed into one of the best 3-4 defensive ends in football."

The Broncos selected Wolfe in the second round of the 2012 draft.

During the regular season -- the first four games of which were missed due to violation of the league's banned substances policy -- Wolfe had 5.5 sacks, nine tackles for a loss and one pass defensed.