A person familiar with the negotiations says Elvis Dumervil will stay with the Denver Broncos after reaching an agreement to take a pay cut from the $12 million he was owed this season.

Dumervil and the Broncos beat an afternoon deadline to reach a deal or part ways. The person familiar with the negotiations told The Associated Press that they agreed on a contract shortly before the deadline. The person did not want to be identified because the negotiations were not public.

Dumervil was second on the Broncos with 11 sacks last season. He led the league with 17 in 2009 and received a six-year, $61.5 million contract in 2010. He earned $14 million the last two seasons and the team did not want to keep him at the $12 million price tag in 2013.