It doesn't look like Von Miller is going to have to sit out the 2016 season.

The Broncos linebacker had threatened to sit out the year if he was forced to play the season under the franchise tag, but that's not likely to happen now, thanks to the record-breaking contract offer the Broncos gave Miller on Thursday.

CBS Sports NFL Insider Jason La Canfora confirms multiple reports that the Broncos are offering Miller $70 million in guaranteed money, which is a huge jump from the $39.8 million that the team was offering Miller as recently as June 7.

The amount of guaranteed money in Miller's deal has been the biggest obstacle in getting a deal done. Back in June, the Broncos offered a six-year, $114.5 million deal that would've made him the highest paid defensive player in the NFL based on average annual salary, with Miller pulling in roughly $19.083 million per year.

The problem for Miller is that the deal was guaranteeing him less than $40 million, which seemed like a slap in the face, considering that the Eagles had given Fletcher Cox a $63.299 million guarantee in June.

The two sides have until 4 p.m. on Friday to officially reach a deal.