DENVER, CO (The Spread) - NFL Network's Ian Rapoport reported Thursday night that Peyton Manning is upset the Broncos have yet to work out a contract extension for receiver Demaryius Thomas.

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Since Thomas isn't signed, he hasn't reported to OTA sessions. That means Manning hasn't had an opportunity to work with his No. 1 receiver while Gary Kubiak installs a new offense in Denver. While Thomas could benefit from working out with his quarterback and teammates, he can't risk injury without a long-term contract in place.

Manning also took a $4 million pay cut in efforts to free up money for the team to sign players like Thomas. The problem, at least from the Broncos' standpoint, is that Thomas could command upwards of $130 million over eight years. (In other words, Calvin Johnson money.)

According to oddsmakers from online sports book Bovada.lv, the Broncos are 12/1 to win the 2016 Super Bowl and 5/1 to win the AFC Conference championship this season.

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