Any reported trade - and the corresponding compensation - can not be made official until the new year begins on March 13.
Keenum is still under contract through 2019, and Flacco possibly solves any immediate need the Broncos have at the position.
For the second time in his tenure as the Broncos' top football executive, Elway has decided it makes sense to try to solve a quarterback dilemma by securing a former Super Bowl MVP with some health questions.
It's also a telling remark about the quarterbacks available in the draft.
Let's take a look at the aftermath of this trade and what it could possibly mean for the Broncos this season.
With Keenum under center for the whole year, the Broncos only managed to win six games and they failed to reach the playoffs for the third-straight season. As a result, Denver appears ready to move on from one-year starter Case Keenum via trade or offseason release. And Flacco has had back and hip troubles in recent seasons, so keeping Keenum is not off the table just yet.More news: Pot smokers find caged tiger in abandoned Texas home
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So, don't rule out a possible 49ers-Broncos trade between now and day one of the NFL Draft.
But then again, it's important to note when it was reported in December that Flacco and the Ravens would part ways, Baltimore wanted to treat Flacco with class. To bring it full circle, Denver's current offensive coordinator, Rich Scangarello, spent the last two years as Shanahan's quarterbacks coach in San Francisco.
The Broncos own the 10th overall selection in this year's draft, and could now have an impact on the Packers' first selection.
Late Wednesday morning, ESPN's Adam Schefter reported that the Broncos and Ravens had agreed to a trade which would send quarterback Joe Flacco to Denver. He completed 365 of 586 passes for 3,890 yards with 18 touchdowns and 15 interceptions.
The rise of Lamar Jackson in Baltimore made Flacco's fate seem certain: He would either be waived or dealt.