The Super Bowl 50 MVP appears likely to play the 2016 season under the terms of the Denver Broncos' franchise tag.

According to ESPN's Adam Schefter, there is no contract extension in sight for star linebacker Von Miller despite the Broncos making a $114 million offer.

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Under the terms of the franchise tag, the two sides must work out an extension by July 15, otherwise a new deal cannot be signed until after the season.

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Miller, the second overall pick of the 2011 NFL Draft, had 11 sacks and forced four fumbles in the regular season in 2015. He elevated his play in the postseason, notching five sacks, two forced fumbles and an interception across three games.

In five seasons, Miller has been named to four Pro Bowls and earned two first-team All-Pro nods (2012 and 2015). He has 60 sacks in 72 career games.

Miller turned 27 in March.