The pick in question is a seventh-rounder, according to ESPN's Adam Schefter.
The trade doesn't necessarily mean Sanchez is the new Broncos starter. After losing Peyton Manning to retirement and Brock Osweiler to the Houston Texans in free agency, the Super Bowl champions need to add at least two quarterbacks to their roster.
It's possible the Broncos will call off their pursuit of Kaepernick in light of the Sanchez deal, but it's just as likely the team will try to flip Sanchez to the 49ers. New 49ers head coach Chip Kelly helped recruit Sanchez to the Eagles two offseasons ago.
Sanchez made 13 appearances (10 starts) in two seasons with the Eagles, completing 257 of 400 pass attempts for 3,034 yards, 18 touchdowns, and 15 interceptions.