UPDATE 1:57pm ET Saturday - McGahee and the Broncos have agreed to terms on a four-year deal reportedly worth between $9.5M and $10M pending the results of his physical.
According to several reports, the Broncos have signed RB Willis McGahee (6'0" 228 lbs) to a three-year deal with $3M in guarantees and a $7.5M total value. McGahee is entering his ninth NFL season, having spent four years each in Buffalo and Baltimore, playing in 105 games and starting 66, with 1,541 attempts for 6,167 yards and 55 rushing TDs. He also has 164 career receptions for 1,047 yards and 4 touchdowns. McGahee was released by the Ravens yesterday and had been due to receive a $6M salary with Baltimore this season.
But because the Broncos weren't supposed to be telling anyone about this (veteran cuts aren't yet officially signable), they're now trying to tell the world a deal is not complete. Obviously, this deal is going to get done.
The former Hurricane was drafted 23rd overall in the 2003 draft by the Bills but missed his rookie season after injuring himself in the 2003 Fiesta Bowl versus Ohio State. McGahee will be reunited with Denver RB coach and former interim head coach Eric Studesville, who was McGahee's RB coach with the Bills.
UPDATE 10:10am ET Saturday - Jason La Canfora says Willis McGahee may visit the Broncos at some point, and that reports of a deal between the two sides were premature. Meanwhile, Mike Klis says McGahee is among three backs the Broncos may visit with.