The Broncos have reached agreement on a rookie deal with quarterback Chad Kelly, as Mike Klis of 9NEWS tweets. As dictated by his draft slot, the deal will be a four-year deal with a signing bonus worth nearly $65K. 
Kelly, the nephew of Bills legend Jim Kelly, was once considered to be a top QB in the 2017 class. However, a injury concerns and off-the-field issues dropped him down to a Day 3 prospect and nearly pushed him out of the draft altogether. The Broncos selected him with the final pick in the draft – No. 253 overall – making him one of the most intriguing Mr. Irrelevant selections in draft history.
The Broncos have Paxton Lynch and Trevor Siemian atop the depth chart, but they feel that Kelly could be worth a look as a developmental quarterback. The reality is that they won’t know what they have in the Ole Miss product until he is healthy. A torn ACL kept him from auditioning for teams in the early part of 2017 and a wrist injury shut down his Pro Day just as it was getting started. Someone like Kelly might be better suited for the practice squad, but the Broncos will have to expose him to waivers before stashing him away.
In addition to the Kelly deal, the Broncos have also agreed to terms with sixth-round running back De’Angelo Henderson, a Coastal Carolina product (Twitter link via Klis). To clear a roster spot, Broncos have waived center James Ferentz, as Nicki Jhabvala of The Denver Post tweets.