Englewood, CO (My Sportsbook) - The Denver Broncos signed first-round pick running back Knowshon Moreno on Friday to an undisclosed contract.

Although the contract was not disclosed by team officials, The Denver Post reports it is worth $23 million over five years, with $13 million in guarantees.

"(Moreno) has got some work to do to catch up," said Broncos head coach Josh McDaniels. "Certainly, I understand how this (contract) game works. His representatives are doing what they feel is best for him, and we are trying to make -- we are both trying to do what is best for Knowshon and get him here as fast as we can...We will look forward to working with him, working him in and trying to get him as up to speed as we can get him before the first preseason game or the second preseason game or whenever that may be."

Moreno was the 12th overall pick in this year's draft out of Georgia, where he totaled 2,734 rushing yards in his two-year career with the Bulldogs, earning All-SEC honors in both seasons.

Last season, Moreno was a finalist for the Doak Walker Award, given to the nation's top running back. In 13 games in 2008, he rushed for 1,400 yards and 16 touchdowns while posting 33 receptions for 392 yards and two scores.