Future is a feared term in Denver these days, what with Peyton Manning debating his place in football and three of his top receivers in limbo.

The Broncos are nose-to-nozzle with the barrel of free agency. Seventeen players can bolt Denver.

By March 9, Manning’s future will be known. He’s owed a guaranteed $19 million if still on the 53-man roster and, 24 hours later, the doors open to NFL free agency. A pair of the prized offensive players rate as rare gems in the 2015 player pool.

Contract talks with wide receiver Demaryius Thomas and tight end Julius Thomas were on hold during the 2014 season, but the cost of holding the phone might hit general manager John Elway where it hurts.

The 22nd overall pick in the 2010 drat, Demaryius Thomas turned 27 on Christmas Day and is regarded as one of the best at his position in the NFL. This also puts him in a different startosphere in contract talks. Arizona Cardinals wide receiver Larry Fitzgerald and Detroit Lions’ All-Pro Calvin Johnson are playing on deals worth more than $100 million.

With Emmanuel Sanders in the fold, the Broncos and slot receiver Wes Welker are headed for divorce. The veteran caught 49 passes last season with two touchdowns and might be ready for retirement.

That frees up a few million for the Thomas & Thomas fund.

Former head coach John Fox, who knows what a great receiver looks like having coached Steve Smith with the Carolina Panthers, praised Demaryius Thomas for his work ethic and Elway understands what it means to the team — and to his quarterback, and opponents — to have an elite outside weapon.

“He’s not afraid to work hard,” Fox said, “… and he’s a tremendous young person. He wants to be great, and he’s willing to pay the price to make it happen.”

Demaryius Thomas made $4.7 million in 2014.

Using the franchise tag, a one-year contract worth the average of the five highest-paid wide receivers in the NFL, is an option. But it’s a prohibitive one with a projected wide receiver franchise value at $13 million.

Manning will cost $21.5 million against the salary cap — and Julius Thomas, Welker, safety Rahim Moore and restricted free agent linebacker Brandon Marshall are ready to be paid, with linebacker Von Miller due to hit the open market after 2015. Cornerback Chris Harris Jr. signed a long-term deal last season.

There are expendable parts on the books that could give Elway more wiggle room. But he likely needs to know the cost of both stars, and Manning’s mindset, before whacking a starter such as cornerback Aqib Talib. Cutting the inconsistent corner could save the team $5.5 million on the 2015 cap.

There must be more roster models in Elway’s office than cigars in Cuba.

The cap does gain relief with $12 million in dead money from Champ Bailey’s deal off the books, which at least represents a starting point for the Broncos.

Elway first opened contract talks in the offseason but the sides have not closed the gap, all while Thomas and Thomas delivered statistical production in the destructive stratosphere.

The tandem caught 157 passes and 26 touchdowns in 2013, when the Broncos set multiple records, and 154-23 in 2014.

Julius Thomas could be set for a standoff with the Broncos along the lines of the dispute between the New Orleans Saints and Jimmy Graham, who was designated the team’s franchise player at tight end but wanted to be viewed as a wide receiver based on the role he plays in the Saints’ offense. An arbiter ruled Graham would be classified as a tight end.

Ultimately Graham, who led the NFL with 16 TD catches in 2013, signed a four-year, $40 million deal that made him the league’s highest-paid tight end. The deal paid him $12 million up front and gives him another swing at free agency at age 31.

In July, Elway said Thomas was not due a contract of that magnitude. But by not getting a deal done, the Broncos might find out otherwise.

Julius Thomas is 26 — he turns 27 in June — and at his physical prime, but made a mere $741,000 last season. He was bothered by an ankle injury last season and had played in only 23 games entering the season, and likely wanted a chance to solidify his resume and hush talks of the former Portland State basketball player being a project.

Now a proven Pro Bowl outlet for Manning, the project shifts entirely off the field for the Broncos and primarily to Elway. The future is his to figure out.