Elway on Fox contract extension: 'There is still work to be done'

Oct 13, 2013; Denver, CO, USA; Denver Broncos head coach John Fox on his sidelines in the third quarter against the Jacksonville Jaguars at Sports Authority Field at Mile High. The Broncos defeated the Jaguars 35-19. Mandatory Credit: Ron Chenoy-USA TODAY Sports
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Denver, CO (CBS) - Though the Broncos have given coach John Fox a three-year contract extension worth $16.5 million -- a move that officially was announced by the organization on Saturday -- that doesn't mean the team is 100 percent satisfied.

That probably has something to do with Denver's shellacking at the hands of the Seahawks in Super Bowl XLVIII. And Broncos executive VP of operations John Elway is ready for the Broncos to take the final step.

“We are pleased to reach this agreement with John Fox, who has played a key role in the success and improvement of the Broncos during the last three seasons,” Elway said in a statement. “While our team has made progress each year under Coach Fox, we both understand that there is still work to be done for us to reach our ultimate goal.

“Having continuity at the head coaching position is critical in building a championship team, and John Fox is an important part of our foundation as we move forward.”

Since Fox took over for Josh McDaniels before the 2011 season, the team has vastly improved. With Tim Tebow at quarterback, the Broncos -- on the backs of a strong running game, a sturdy defense and last-minute heroics from Tebow and/or kicker Matt Prater seemingly every week -- won the AFC West to make the playoffs and then beat the Steelers in overtime in the postseason.

Then, after Denver signed Peyton Manning, the team has gone a combined 26-6 in the last two seasons. But the Ravens upset the Broncos in Denver in the 2012 playoffs, and Seattle dominated the Super Bowl at the end of the 2013 season.

In all, the Broncos have the third-most wins in the NFL since Fox took over, and Fox is only the fifth coach in NFL history to win a division title in his first three seasons with a team. But it's not quite good enough yet.

"I'm proud of what our teams have accomplished, but our expectations are much greater as we pursue the Super Bowl championship that our fans deserve," Fox said. “It's a privilege to coach the Broncos, and I am fully committed to the continuous improvement of our football team.”

Topics: Matt Prater, Peyton Manning, Denver Broncos, NFL

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