SANTA CLARA -- The Denver Broncos feel that Colin Kaepernick is worth a fourth-round pick, the NFL Network reported Monday.
One of the problems is the Broncos don't have a fourth-round pick to trade, at least not this season. They currently have one pick in that round, but it's a compensatory pick that can't be dealt*.
Sources have said that if the 49ers and Broncos were to agree to trade compensation, then the Broncos and Kaepernick's representatives likely would have no issues agreeing to a restructured deal.
The two teams, however, are not close on that compensation. As the NFL Network noted, no specific offer has been made by the Broncos, only a general assessment of Kaepernick's perceived value.
The same is true of the Browns. No formal offer has been made, although the Browns feel Kaepernick is worth a third-round pick. They have a high third-round pick in the upcoming draft, No. 65 overall. The issue with a 49ers and Browns trade is that the Browns and Kaepernick's representatives cannot agree to a restructured deal.
The Broncos, because they won the Super Bowl, have the last pick in each round, not counting the compensatory selections. Their third-round pick is No. 94 overall.
The Jets, meanwhile, could get involved if they lose their 2015 starting quarterback, Ryan Fitzpatrick, who is a free agent. The team has made Fitzpatrick a contract offer that he has not accepted; the Broncos also are showing interest in Fitzpatrick.
The 49ers are trying to trade Kaepernick for the right price, but are willing to hold onto him if they don't get enough in return.
Team officials have noted that new coach Chip Kelly is eager to work with Kaepernick. The 49ers also have enough salary-cap space to absorb the $11.9 million Kaepernick would be guaranteed if he is still on the roster April 1.
* A rule change recently approved by the NFL will permit compensatory draft picks to be traded beginning in 2017.