The sides have reportedly reached an agreement for the 31-year-old quarterback, and it's a surprisingly small haul for Denver. The Broncos will send Keenum and a 2020 seventh-round pick to the Skins in exchange for a 2020 sixth-round pick.
Trade details: #Redskins are getting Case Keenum and a #Broncos 7th in 2020 in exchange for a 6th round pick in 2020, per @MikeKlis.— NFL Update (@MySportsUpdate) March 7, 2019
Keenum reworked his contract. Denver pays $500K restructure bonus and $3.5M of his $7M salary. #Redskins pay the other $3.5M.
As part of the deal, Keenum also agreed to restructure his contract down to $7 million. The Broncos will pay $3.5 million of his new deal, as well as the $500,000 bonus Keenum earned by restructuring his deal.
At first glance this appears to be a steal for the Redskins, as they get a starting-caliber QB for little-to-no cost. Not only have they brought forth a reasonable solution to their quarterback crisis, but the Redskins will only be paying Keenum $3.5 million out of their own pocket.
The #Broncos and #Redskins have agreed to terms on a trade to send QB Case Keenum to Washington for draft picks and with an adjusted contract, sources say. Broncos get Skins 6th, Washington get a 7th.— Ian Rapoport (@RapSheet) March 7, 2019
While the Redskins are confident in the ability of backup quarterback Colt McCoy, they will bring Keenum aboard and hold a quarterback competition during offseason camp.
Even if Keenum doesn't start for Washington, his $3.5 million salary is a steal for a veteran quarterback with postseason experience.