"The thing that got me was his wisdom and his energy," Elway said. "This place has been deflated for a year and maybe even two years."
Fox went 78-74, including playoffs, in nine seasons with the Panthers. The team didn't renew his contract following an NFL-worst 2-14 record in 2010.
And Fox didn't say anything to dampen those enthusiastic expectations.
"This is an organization I've admired from afar. I'm proud to stand here in front of you," Fox said. "I'm here to try to add another ring and trophy to that foyer."
Fox was repeatedly asked about the status of quarterback Tim Tebow, a work in progress who sparked Denver's offense late in the season.
"I think (Tebow's) intangibles make that progress accelerate and that's the thing I was most impressed about him," Fox said. "The thing that's impressive about Tim Tebow is he's not afraid to be great."
Team president Joe Ellis said Fox's credentials put him over the top.
"Just his depth of experience, knowledge, contacts, scheme," he said. "Put it all together, it's the complete package."
The Associated Press contributed to this report.