To your point:
https://twitter.com/JoshEberley/sta...0?ref_src=twsrc^google|twcamp^serp|twgr^tweet
Unbelievable, why would Elway give away draft capital for the same QB, just older?
Elway can't get out of his own way with his QB issues
I'll speculate on how this may work to benefit Denver outside of performance. Flacco costs a fourth rounder, but Denver had two of them. Keenum's contract is guaranteed $7 million this year. Flacco has no more guaranteed money. The QB free agent market is narrowed to Tyrod Taylor, Nick Foles, and Josh McCown. Elway may think there is not a QB in the draft worthy of a first round, but some may be worthy of a second rounder with development over their first year. Case Keenum's trade value goes up with the limited opportunities for a team to acquire one that could start in their first year through the draft. Many project two or three QBs to be taken in the first round this year. The only FA QB who may be better than Keenum would be Foles. Philadelphia announced that they will not franchise tag him, so he is a FA.
Perhaps Baltimore threw in some money, maybe the $7 million guaranteed, lowering Denver's costs for 2019. If Keenum is traded for at least a fourth rounder, Denver does not lose anything as far as draft capital. If they trade Keenum for a third round pick or to a team picking higher than them in the fourth round, they improve their draft choices and now have a QB without guaranteed money. Denver uses a second rounders on a QB. They are screwed if the QBs they want are not available, but could move up in the draft if it appears they might be gone. They might also move back from the #10 position in the first round and acquire more picks, picking in the late first round. I believe the Broncos now have nine picks in the draft. If they have to cut Keenum, they incur dead money of $10 million.
It looks like Emanuel Sanders has refused to restructure his contract, but have exercised the option on him. If he is cut, Denver saves $10.5 million while incurring $2.6 million in dead money. If he is traded, the Broncos have more draft capital. In exchange for trading Demaryious Thomas, Denver received a fourth and seventh round draft pick. Right now the Broncos have $36 million in cap space.
It is possible that Foles is franchised or traded with Keenum still on the market. Denver gets a fourth rounder for Keenum and probably has Baltimore pay off Flacco's guaranteed money. Denver has more draft capital to trade up, but trades back in the first round for additional picks. If Flacco is let go next year, Denver has no obligation to him.