Broncos believe Kaepernick is worth fourth-round pick

Last week, a Colin Kaepernick trade seemed certain to happen. On Monday we sit in an amorphous cloud of uncertainty.

NFL Media columnist Michael Silver reported that all's quiet on the Kaepernick front, with the Broncos holding firm in their belief that Kaepernick is worth a fourth-round pick. There is no movement with the Browns.

Per Silver, the Niners are "chilling."

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.

It's notable that the Broncos value Kap at a fourth-round level. It's the first solid figured from the Broncos camp we've heard since rumors of a potential trade exploded.

Last Thursday, Silver mentioned that 49ers likely want a second-round pick for Kaepernick and said at the time the Broncos might be willing to part ways with a third-rounder.

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 Browns have reportedly been willing to give up a third-round pick.

Both the Broncos and Browns would like Kaepernick to sign a restructured deal for any trade to take place. Kaepernick and the Broncos were closer on a contract restructure than Cleveland, but the Niners want more from Denver, per Silver.

The lesson here is that there are plenty more trips around the negotiating wheel before any trade for the quarterback comes to fruition.

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