Pat Shurmur, Keenum's offensive coordinator in Minnesota previous year, was finally able to put a practical spin on an offense that accentuated Keenum's best attributes.
Cousins' market will likely come down to the Vikings, Jets or possibly the Cardinals. The Vikings remain the favorite, sources told Schefter.
Keenum played in two fewer games than Cousins a year ago and finished just 546 yards behind the former Washington quarterback.
Keenum, of course, comes off a season which saw him complete 67.6 percent of his passes with 3,547 yards and 22 touchdowns.
The Broncos went 5-11 last season and have missed the playoffs each of the past two years after winning Super Bowl 50 in the 2015 season. There's a good chance the always-aggressive Elway wants to take another swing at the quarterback position in this year's draft.
Keenum would have veterans Demaryius Thomas and Emmanuel Sanders as his targets in Denver after Elway chose not to release either of the expensive wide receivers.
All three quarterbacks were draft picks by Elway, the Hall of Fame quarterback who has only had success at quarterback in free agency.
"We all understand how the quarterback position has a direct influence on how your team plays", Joseph said in February.
ProFootballTalk reported Keenum is expected to receive $18 million to $20 million a year from Denver. Their inconsistent play on both the offensive line and at quarterback have been big reasons why they've sat out the postseason. Throughout his seven-year career, there's been a reason he was nearly always thrust into an emergency starter role, and now he has the confidence and comfort of at least a one-year residency under center in Denver.
"I still think that we're not too far away", Elway said earlier in the offseason. "Obviously, we have to get better there, whoever is going to be the quarterback". In doing so, it triggers the last two years of his deal.