Broncos QB Bo Nix signs his rookie deal

Bo Nix has become the first of the six first-round quarterbacks to sign his rookie deal.

Adam Schefter of ESPN reports the Broncos' quarterback has signed his four-year, fully guaranteed $18.61 million deal with a fifth-year option. Nix gets a $10.36 million signing bonus and has a $3.384 million cap hit for 2024.

The Broncos made Nix the 12th overall pick out of Oregon.

He is participating in this weekend's rookie minicamp as he begins working toward the starting job. Nix is competing with veterans Jarrett Stidham and Zach Wilson.

The Broncos also have completed deal with seventh-rounders Devaughn Vele and Nick Gargiulo and fifth-rounders Audric Estime and Kris Abrams-Draine.

Third-round edge rusher Jonah Elliss and fourth-round receiver Troy Franklin remain unsigned.