Ryan Clady to receive franchise tag

The Denver Broncos will place the franchise tag on left tackle Ryan Clady, according to the Denver Post.

"We're going to tag him," Broncos senior vice president of football operations John Elway told the newspaper.

Even with Clady receiving the tag, Elway told the Post that the Broncos will try to work out a contract extension with the tackle who protects quarterback Peyton Manning's blind side.

Selected 12th overall in 2008, Clady has made three Pro Bowls and never has missed a game in five seasons. He recently underwent surgery for a rotator cuff injury in his right shoulder.

Under terms of the collective bargaining agreement, teams are allowed to place the franchise tag on one of their unrestricted free agents each season. The player receives the top-five average salary at his position.

Clady's projected salary under the franchise tag for next season would be $9.66 million, a huge step up from the $3.5 million he made in 2012.