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The contract is worth $23 million with $16.5 million fully guaranteed, according to NFL Network's Ian Rapoport. Engram will earn an average of $11.5 million per season. The 30-year-old tight end will now provide a big boost to the offense and give young quarterback Bo Nix another weapon.

The two-time Pro Bowler is a season removed from a career-high 114 receptions and gives Denver a new dimension on offense.

Less than a week after the Jacksonville Jaguars informed him of his release, veteran tight end Evan Engram has found a new home. Per ESPN's Adam Schefter, Engram is signing a two-year, $23 million contract with the Denver Broncos with a reported $16.

Bo Nix's stellar rookie campaign came with little production from the tight end position. In an effort to remedy that, the Denver Broncos are signing two-time Pro Bowl tight end Evan Engram to a two-year deal.