The Denver Broncos need a QB. What will John Elway do?

The defending champions ended up losing their top two quarterbacks in the span of four days.

Last Sunday, the Denver Broncos announced Peyton Manning was retiring. That was expected. Brock Osweiler leaving in free agency was always a possibility, but it always seemed like it would probably work out and Osweiler would seamlessly slide into the Broncos' starting quarterback spot.

Not so fast. Osweiler signed a four-year contract with the Houston Texans worth $72 million. ESPN's Adam Schefter was first to report the contract details. And one can see why Broncos general manager John Elway bowed out of the bidding.

But there's still a fundamental problem, and it's that the Super Bowl 50 champions don't have a quarterback (they do have Trevor Siemian, a 2015 seventh-round pick who has never attempted an NFL pass ... at this point he's atop the depth chart).

 

So what will Elway and the Broncos do? Here are the options:

 

Trade for Colin Kaepernick: There were reports Wednesday that Kaepernick would be the Broncos' Plan B. Well, one major problem with that plan is Kaepernick is still under contract with another team.

Just because Kaepernick requested a trade doesn't mean the 49ers have to trade him. And the 49ers don't really need to sell him cheaply to a desperate Broncos team. Would the Broncos really want to trade valuable draft assets and pay Kaepernick an $11.9 million base salary next season? Even if Kaepernick would restructure his deal, he's the same player who has been regressing badly, to the point he was benched for Blaine Gabbert last season. This is not an easy solution for the Broncos, and there's no guarantee that Kaepernick will ever revert to his 2012-13 form.

Sign Robert Griffin III: Speaking of regressing quarterbacks, Griffin is a free agent. The upside of Griffin vs. Kaepernick is the Broncos don't need to trade anything, and one would assume Griffin won't command an $11.9 million salary. It seems logical that Griffin would be intrigued by the possibility of playing in an offense that values mobile quarterbacks, on a team that just won a Super Bowl, with the opportunity to be the clear starter.

But that's a risk, too. Griffin hasn't consistently played well since 2012, which is a lifetime ago in NFL terms. Gary Kubiak is a very good offensive coach, and it's easy to see someone with Griffin's skill set fitting well in his scheme. But make no mistake, this is a risk as well. Even if the Broncos could land Griffin, there's no guarantee he'll ever be the same quarterback he was as a rookie.

 

Sign Ryan Fitzpatrick: Fitzpatrick seemed like a lock to return to the New York Jets. But that hasn't happened. Fitzpatrick is coming off a very good season, and is probably the best realistic option for the Broncos in 2016.

However, Fitzpatrick will be 34 this season. After his 3,905-yard, 31-touchdown season, he's going to want a lot of money. Osweiler had seven career starts and got $18 million a year. Sam Bradford has never had a season nearly as good as Fitzpatrick's 2015, and he got $18 million a year. If Elway wouldn't overpay Osweiler, what's the point in overpaying Fitzpatrick, who has been mostly a journeyman? But, with the championship window presumably still open for Denver, this is a the safest fix.

 

Draft someone and start him right away: This option makes sense for a few reasons.

The Broncos won a Super Bowl with below-average quarterback play last season. They're still bringing back most of their defense. Denver could make a low-level investment for whoever falls to them at No. 31 or even beyond the first round, maybe Michigan State's Connor Cook or Mississippi State's Dak Prescott to throw out a couple names. There's a good chance their quarterback production won't be that much worse than it was last season. And there's always the possibility that a modest investment could yield a long-time starter, and at a much cheaper cost than any of the three quarterbacks listed above.

The problem is this is still a win-now team. They're the defending champs and a lot of the core returns. Are they really going to place their chances at a repeat on the shoulders of a rookie who wasn't even picked in the top 30? Elway has more than enough job security to weather the storm if it doesn't work out, but the risks with this route are clear.

 

Pick what's behind Door No. 3: Keep in mind that Elway has a ton of job security. Most other general managers would be panicking right now and overpaying a quick fix because they won't be around long enough to see a crazy plan unfold. Elway might have the most job security in football. Yes, including Bill Belichick.

So if there's a GM who might do something totally off the grid, it's Elway. Roll with Siemian? Why not. Sign a veteran free agent with almost no experience and hope he's the next Tyrod Taylor? Go for it. Draft someone late and believe that he's a hidden gem, like Mike Shanahan did with Brian Griese for the defending champion 1999 Broncos? Denver fans would blindly believe in Elway if he did.

It's quite possible the Broncos will end up doing something crazy we're not even considering. Elway has the cache in Denver (and will for decades, at least) to get creative. But this much is clear: The Broncos need to figure out what they're going to do at the most important position on the field.