Colquitt's extension is worth $11.7 million and averages $3.9 million per season, making him the league's highest-paid punter.
Colquitt also gets a $3 million signing bonus that, along with his $1.275 million salary for this season, makes him the NFL's top-paid punter in 2013.
Colquitt is the franchise leader in career gross (46.1 yards) and net (39.5) punting average. In 48 regular-season games, he's had 79 punts inside the 20 with just 18 touchbacks. In three playoff games, he has placed five of 16 punts inside the 20 with no touchbacks.
Colquitt signed with Denver in 2009 after averaging 42.6 yards at Tennessee, where he was a two-time All-SEC selection.
His brothers (Craig and Dustin) and uncle (Jimmy) punted for the Volunteers and went on to punt in the pros.
Dustin, the punter for the Kansas City Chiefs, signed a five-year, $18.75 million deal this spring, but now at $3.75 million per year, averages less in annual salary than Britton.
"He was laughing about it and he's very proud of me and he's kind of my biggest fan, so it's nice to have a big brother like that," Britton said Monday. "And we all know he's the better punter, so I can give him a hard time about that.
"He lives in a bigger house, has more kids. He's still picking up the dinner check."
Information from The Associated Press was used in this report.