The Denver Broncos have made their first splash of the 2014 free agency signing period, coming to terms with free agent safety T.J. Ward.

Once again, John Elway has made a blockbuster free-agent signing. And once again, the signing was a bargain.

Former Cleveland Browns safety T.J. Ward has agreed to terms with the Denver Broncos, ESPN's Adam Schefter reported on Tuesday afternoon.

The best part of the deal? Denver landed Ward with an insanely low price tag.

Ward is flying to Denver to officially sign with the team this evening, per Albert Breer. The Broncos have since announced the move.

Ward (5-10, 200 pounds) is a fifth-year player who started all 54 games he appeared in during his first four seasons with Cleveland after being selected by the club in the second round (38th overall) of the 2010 NFL Draft from the University of Oregon. His career totals include 340 tackles (253 solo), five interceptions (133 yds.), 3.5 sacks (29 yds.), 26 passes defensed, five forced fumbles, one fumble recovery and two defensive touchdowns (INT, FR).