However, with the Vikings one of the major contenders for Kirk Cousins' signature, Keenum has been looking to cash in on his status of last year's stellar campaign and the Broncos look to be his landing spot.
This figure and the term of the contract - unlike with Cousins - should not preclude the Broncos from drafting a quarterback fifth overall if they choose to go in that direction.
The Keenum deal officially removes a suitor for Cousins, although as of Monday afternoon it appeared the Minnesota Vikings and New York Jets would be making the strongest push to land the former Washington Redskins starter.
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The Vikings decided not to apply the franchise tag to Keenum back in February, allowing him to become a free agent. Surprisingly, it wasn't Kirk Cousins.
All three quarterbacks were draft picks by Elway, the Hall of Fame quarterback who has only had success at quarterback in free agency. Keenum will have similar talent at receiver with the Broncos in Demaryius Thomas and Emmanuel Sanders.
At the National Football League scouting combine this month, Elway said, "we'll continue to look at all of the options out there when it comes to quarterback".
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Despite his swings and misses at QB before, Elway said, "Believe me, I'm not done swinging and missing". We just have to figure out a way to get it right.
Siemian, Lynch and Chad Kelly, a seventh-rounder past year who sat out his rookie season with injuries, remain on the roster.
In signing Keenum, the Broncos got their best possible option at quarterback. Instead of being forced into drafting a quarterback, the Broncos may be able to consider running back Saquon Barkley and guard Quenton Nelson, with of whom are considered the best prospects at their respective positions in quite some time.
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Keenum, 30, brings playoff experience, strong leadership, and lingering questions about whether last season was the start of a career renaissance or an aberration. That doesn't all go on the players.