Keenum could be asked to take a pay cut or be released if a trade is not reached. He's guaranteed $7 million in 2019 and carries a cap hit of $21 million. Trading him will leave the Broncos with $3 million in dead cap space while cutting him would cost $10 million in dead money.
Keenum will turn 31 years old on Feb. 17. He's coming off a 2018 campaign in which he completed 62.3 percent of his passes for 3,890 yards and 18 touchdowns against 15 interceptions while leading the Broncos to a 6-10 record.
The former undrafted free agent enjoyed a career year with the Minnesota Vikings in 2017 when he led the team to an 11-3 regular-season record and a trip to the NFC Championship Game.