While there have been no reports of contract numbers, Ben Volin of the Boston Globe has speculated that Keenum "could be had" for somewhere in the neighborhood of $16-$18 million per season.
Denver were also reported to be in the hunt for Cousins having struggled through three options under centre last season but general manager John Elway has made his move for Keenum.
In signing Keenum, the Broncos got their best possible option at 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 Denver Broncos don't appear to be landing Kirk Cousins after all. While Cousins is a very talented quarterback, not even Peyton Manning and all of his future Hall of Fame glory commanded that much when he signed with the Broncos back in 2012. It should be noted that Keenum thrived in a similar situation in Minnesota, where he had an elite defense and a couple of reliable receivers. With trade rumors swirling, and many quarterback-needy teams looking to trade up in the draft, the Broncos could find themselves in a position to draft one of these blue-chip players. Don't be surprised if the Broncos maybe wait on taking a quarterback in the draft.
But by signing Keenum, they save money against the salary cap that will allow them to make fixes to some other areas of need. It is not certain yet what sort of contract that Keenum, who made $2 million last season, will get.
No matter how you look at it, the Broncos came out winners in this deal.
They are without a quarterback, which means they better land Kirk Cousins.