He now has two years remaining on his rookie deal. He'll make $3.25 million this upcoming season and $9.754 million in 2015 if he's on the Broncos roster next March.
Miller was the second overall pick in 2011, when teams were given the option of a fifth year for first-round picks as part of the transition to a rookie wage scale that was introduced with the current collective bargaining agreement that year.
Teams have until Saturday to exercise that option.
Miller was John Elway's first draft pick and had 30 sacks his first two seasons, including a club record 18 1/2 in 2012. But his 2013 season began with a six-game drug suspension, included several off-the-field distractions and ended with a torn ACL in December that sidelined him for the Super Bowl.
Elway said this offseason that he believes Miller, who turned 25 recently, has matured and needs to put last year behind him.
What was clear at a recent appearance for his foundation is that Miller's frame is back to what it was in 2011 and '12 before he bulked up to 270 pounds last season, 24 more than what it was when the Broncos made him the second overall pick out of Texas A&M in 2011.
Miller said he's down to about 250 pounds and he said he's aiming to return to the field this summer so he can play in all 16 regular season games. He also said he's hoping not only to return to his old form but surpass it.
''I mean, I'm 25 years old. I'm hoping that my coming years are better than my first two,'' he said.
With Miller under contract for two more years, the Broncos can turn their attention to working out long-term deals with two of their rising offensive stars: wide receiver Demaryius Thomas and tight end Julius Thomas, both of whom can become unrestricted free agents after the 2014 season.
AP NFL website: www.pro32.ap.org and www.twitter.com/AP-NFL
AP Pro Football Writer Arnie Stapleton can be reached at astapleton(at)ap.org or follow him at https://twitter.com/arniestapleton