Both sides will continue to work toward a long-term deal for the four-time Pro Bowl linebacker. If that doesn't happen before the July 15 deadline, Miller will be slated to make $14.129 million on a one-year deal with the Broncos in 2016.
"Designating Von as our franchise player gives us the time to continue working toward a long-term agreement," Broncos General Manager John Elway said in a statement. "We've had productive talks with Von's representation, and we'll continue those discussions with the goal of making sure Von remains a Bronco well into the future."
Since Miller received the exclusive franchise designation, he is unable to talk to other teams.
Washington Redskins quarterback Kirk Cousins received non-exclusive franchise designation Tuesday, according to multiple media reports. That means he will play for the Redskins next year for $19.95 million, unless he receives and accepts a better offer from another team.
If the latter happens, the other team also would have to give the Redskins two high draft picks as compensation.
It is believed Cousins will sign the deal with the Redskins.
Carolina has applied the non-exclusive franchise tag to cornerback Josh Norman, who is set to make at least$13.952 million with next season.
Also receiving a non-exclusive tag is Kansas City safety Eric Berry, the reigning NFL comeback player of the year. He's set to make at least $10.806 million.
Also, the Miami Dolphins placed a transition tag on defensive end Olivier Vernon, who is set to receive $12.734 million next season if a long-term deal isn't reached. Vernon can negotiate with other teams, but the Dolphins will have the opportunity to match any offer.