The team’s executive vice president of football operations, John Elway, announced the deal Monday.
The Denver Post ( http://bit.ly/N4qiY5) reported the contract was worth $13 million, including a $3 million signing bonus.
Prater was a clutch performer down the stretch in 2011 with four game-winning field goals.
Prater had three straight weeks in which he kicked the winner on the game’s final play. That helped the Broncos go on a six-game winning streak that propelled them into the playoffs for the first time in six seasons.
Prater says he’s ready to prove himself and why he got a long-term contract. “I need to show everyone that I’m worth it,” he said.