This paper proposes a broadband multiple-input-multiple-output (MIMO) channel model that includes the effect of tap-gain correlation based on the Geometrically Based Single Bounce Model (GBSBM). The GBSBM is extended to a broadband channel model by dividing a uniform scattering ring into a contour of constant delays. The geometry of the constant delay contours determines the amount of tap-gain correlation. A statistical model of the delays is developed based on the geometry of the contours of the constant delays. Then, the correlation among the delays is determined. The tap-gain correlation is analyzed for various values of resolvable delays and maximum delays. It is observed that the magnitude of tap-gain correlation decreases as the amount of resolvable delay increases but increases with an increase in the amount of maximum delay. The proposed tap-gain correlation model is used to investigate the outage capacity of the broadband MIMO system. The outage capacity results are analyzed in the presence of both tap-gain and spatial correlations.