Source: Willis McGahee to join Broncos

Updated: July 29, 2011, 3:21 PM ET
ESPN.com

Running back Willis McGahee has reached agreement with the Denver Broncos on a three-year contract worth $7.5 million, a source told ESPN NFL Insider Adam Schefter.

McGahee's deal will guarantee him $3 million, the source said.

McGahee was released by the Baltimore Ravens earlier this week. He was the backup to Ray Rice last year.