Tick, tock. Tick, tock. That’s the sound of time running out on John Elway.

It has nothing to do with the will-he-or-won’t-he status of Peyton Manning, even though the deadline for that seemingly forgone conclusion looms within the next eight days. Instead, the all-important moment that is fast approaching has to do with the favorite negotiating tool of the Broncos general manager: The franchise tag.

Elway has until Tuesday at 2 p.m. Denver time to decide if he’s going to use this one-year option to keep a pending free agent in the orange and blue. And if history is any indication, he’ll almost assuredly play this card.

He did it in 2012 with Matt Prater. After being the Broncos best offensive weapon during the crazy Tim Tebow-led playoff push, the kicker wasn’t initially rewarded for making four game-winning kicks in a season that saw Denver win just eight games en route to an improbable AFC West title. He was tagged.

He did it in 2013 with Ryan Clady. Months after a season in which the left tackle gave up one sack across more than 1,100 offensive snaps, the veteran offensive lineman wasn’t immediately given a long-term deal by the Broncos. He was tagged.

And he did it in 2015 with Demaryius Thomas. After a season in which the wideout caught 111 passes for 1,619 yards and 11 touchdowns, the greatest receiver in franchise history wasn’t given a hefty reward for his efforts. He was tagged.

On the surface, these decisions weren’t all that strange. After all, each player had question marks surrounding him when he was due for a huge payday; so it made sense for Elway to hedge his bet with each, going the way of a one-year gamble instead of a multi-year wager.

Prater had off-the-field issues, Clady was coming off shoulder surgery and DT played a position where stars often don’t translate into wins. So buying time with each wasn’t necessarily a bad idea.

But in the end, that’s not how Elway chose to use the franchise tag. Instead of taking a year to see if he really wanted to make a big investment, the Broncos general manager simply used the free agency tool to extend contract negotiations with his players into the summer.

Ultimately, Elway finally gave Prater a three-year, $9-million contract, Clady a five-year, $57.5-million deal and Thomas a five-year, $70-million extension. Each was signed in July, roughly four months after the franchise tag was applied.

It all begs one question: What was the point?

If a multi-year contract is in the works, there’s no reason to delay things; just get a deal done from the outset. There’s no reason to play games; it does nothing more than throw things out of whack, upsetting the normal course of the offseason.

And there’s no evidence that the extra time helped Elway make a better decision. In fact, history suggests that it simply buys him enough time to justify a careless signing.

Two years after getting big money, Prater was being suspended for off-field issues and on his way out of the Mile High City. In the three seasons since he got paid, Clady has played a grand total of 18 games and been on the sidelines during each of Denver’s two Super Bowl appearances. And while Thomas posted good numbers once again last season (105 catches and 1,304 yards), anyone paying attention would attest to the fact that the wide receiver was never quite right in ’15.

So with only hours to go before this year’s franchise tag deadline, here’s hoping Elway has learned his lesson. If there’s a player that he really wants to keep, don’t let things linger for four months before getting a long-term deal done; do it right away.

More specifically, don’t let Von Miller twist in the wind from now until July, wondering if he’s going to get the mega-contract that he so richly deserves. Pony up and make the Super Bowl MVP the highest-paid defensive player in NFL history.

He certainly deserves it more than Ndamukong Suh, Justin Houston or J.J. Watt, three of the most-recent pass rushers to strike it rich. None of them have lifted their team to the highest of heights, while Miller was the best player on the field in every one of the Broncos playoff wins to cap the 2015 season.

The character issues that might have been a concern in the past no longer linger; by all accounts, the Broncos linebacker has conquered the demons that once had him within one failed drug test of being banned from the NFL. Miller is now a team leader, having earned his way out of the league’s drug program by staying on the straight and narrow.

There’s no reason to derail things at this point. And a prolonged holdout, one similar to what Denver saw last year with Thomas, would run the risk of seeing a promising career get off the tracks. It creates a separation between the Broncos and their star that is dangerous and unnecessary.

Miller needs to be around his teammates the next few months. He needs to be in the Broncos offseason program, staying in shape and gearing up for a run at a title defense. He doesn’t need to be in no man’s land, left to train on his own while Elway spends 120 days waiting to do something that he could do now.

Instead, the Broncos need to play their cards right. They can use the franchise tag to keep Miller off the open market, which is the safe route to go. But they shouldn’t use it as a stall tactic, letting a contract dispute continue from now until training camp.

On the first day of free agency, Elway needs to get his best player signed, sealed and delivered; he needs to make sure that Miller is on board for this season and beyond. Anything other than that tactic would be irresponsible.

Nobody wins when a team plays the franchise-tag game that the Broncos have been dabbling in for the past few years. It’s time to learn that lesson and avoid another costly mistake. It’s time to show Von Miller the money.

The clock is ticking.