"Now"? He's pretty much at the top of the list of people I've been ranting for a while about us losing next year because we do every deal at the last minute, when inflation's driven the cost to its highest point and we have NO leverage over guys who can take offers from EVERY team because they're no longer under contract.
There's been lots of talk for years about Elway "winning" free agency, but that equation has two sides: Luring away OTHER teams' FAs for bargain prices AND retaining your OWN. Elway's been nearly as bad at the second part, and as consistently, as he's been good at the first. But now he doesn't have the GoAT under center to convince aging All Pros their best shot at retiring with a Ring's worth a pay cut.
All that said, as much as I love Sanders (which is a lot) $12M/yr does sound a bit steep. If doable, $9-10M/yr with $5-10M more guaranteed sounds far better. More money for him, smaller cap hits for us: That's a win-win.