Bo Nix officially inked his first Broncos contract.

The No. 12 overall pick in the 2024 NFL Draft signed his four-year rookie deal, the team confirmed Friday.

The contract is worth a guaranteed $18.61 million, according to ESPN’s Adam Schefter.

Like all rookie contracts, it comes with a fifth-year option.

Nix was one of six quarterbacks taken in the first round of this year’s draft after a strong collegiate career at the University of Oregon, where he played his final two seasons after transferring from Auburn.

He threw for 4,508 yards with 45 touchdowns as a fifth-year senior before he was the final QB selected in the first round, and was actually the last signal-caller picked at all until Spencer Rattler went at 150th overall.

Nix now joins a quarterback room that includes Jarrett Stidham and Zach Wilson, who was acquired by the Broncos in a trade with the Jets before the draft.

It should be a new era in Denver after they cut Russell Wilson in March.

He later signed with the Steelers on a one-year deal.

Broncos head coach Sean Payton, now in his second year with the franchise, said he looks forward to helping Nix become acquainted with the pro ranks.

“The challenge is exciting, but it’s still you want good quarterback play,” Payton said in April. “The two biggest allies to that I believe strongly are good defensive play and a running game. … When you’re playing good defense and you have a running game, your job description is a little bit more palatable.”

Denver finished with 3,262 passing yards (191.9 per game) last season, which ranked 24th in the NFL.

Nix hopes he can make an impact in the offense as soon as he’s able to.

“I don’t want to just be a draft pick,” Nix said when he was introduced by the team, per the Broncos’ website. “I want to be able to show my improvements and show that I can do what [they] picked me to do, and that’s to go out there and help win games [and] do whatever I can to put his team in a better situation.”