San Francisco is in no hurry to unload Kaepernick and is prepared to retain the quarterback if a trade can't be brokered. The team has until April 1 before $12 million of Kaepernick's salary is guaranteed for 2016.
The key word at the time was might. The offer hasn't gotten that steep yet.
The Broncos do not currently own a fourth-round pick, meaning Denver would have to figure out how to make it work in event the Niners lower their demands.
The lesson here is that there are plenty more trips around the negotiating wheel before any trade for the quarterback comes to fruition.