The Broncos have agreed to trade quarterback Case Keenum to the Washington Redskins, sources confirmed to Adam Schefter of ESPN on Thursday.
In exchange, the Broncos will get a sixth-round pick in the 2020 draft from the Redskins. Washington will also get a 2020 seventh-rounder from Denver.
The 31-year-old Keenum, who was currently slated to count $21 million against the Broncos’ salary cap for the 2019 season, has reworked his contract and will be on a one-year deal with the Redskins, sources told Schefter.
Keenum has a base salary of $18 million this season, but only $7 million was guaranteed in the way of offsets, which the Redskins and Broncos decided to split evenly, sources told Schefter.
The Broncos, who would’ve carried $10 million in “dead money” had they cut Keenum, will instead save $3 million by paying only $3.5 million as well as a $500,000 restructuring bonus.
The Broncos signed Keenum to a two-year, $36 million deal last March to be their starting quarterback. Denver then went 6-10 in 2018, which led to the dismissal of head coach Vance Joseph and the hiring of Vic Fangio to replace him.
Since the end of the season, the Broncos have put in place the framework of a trade to acquire veteran Joe Flacco from the Baltimore Ravens, which “definitely shocked” and “disappointed” Keenum when he heard the news.