Broncos' John Elway: Acquiring QB Mark Sanchez 'is the 1st step in our process'

After losing two quarterbacks in one week, the Denver Broncos have now added one.

The reigning Super Bowl champs traded for former USC quarterback Mark Sanchez, sending a 2017 conditional draft pick to Philadelphia in the exchange, according to multiple media reports.

Sanchez spent four years as the starter for the New York Jets, taking the team to the AFC championship twice. But he was the Eagles' backup for the better part of the last two seasons and will likely fill that role again in Denver.

That leaves the Broncos still in the market for a starting quarterback.

But at least they're better off at quarterback now than they were earlier this week, after Peyton Manning retired on Monday and onetime heir apparent Brock Osweiler bolted for Houston on Wednesday.

Broncos General Manager John Elway tweeted about Sanchez: "He brings veteran leadership & will compete. This is the 1st step in our process."

The writing was on the wall for Sanchez in Philadelphia on Wednesday when the Eagles signed free agent quarterback Chase Daniel, presumably to back up starter Sam Bradford.

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1:24 p.m.: Adds comment from John Elway.

This post was first published at 11:05 p.m.