The Dallas Morning News' Brandon George reported Monday the Cowboys will likely release Romo within the next couple of weeks.
According to Over the Cap, Romo's current contract will pay him a $14 million base salary in 2017. By releasing Romo, Dallas would eat $19.6 million in dead salary cap money and save $5.1 million.
Denver has $44.4 million available in cap space, per Spotrac.
Signing Romo would be a big short-term upgrade for the Broncos, who ranked 23rd in pass offense DVOA (defense-adjusted value over average) in 2016, per Football Outsiders. Pro Football Focus graded Trevor Siemian, Denver's primary starter, 30th (44.4) among 34 qualified quarterbacks.
Siemian or Paxton Lynch may be the Broncos' starting quarterback of the future, but neither puts the team in a position to win a Super Bowl in 2017.
Denver had massive success taking a chance on an aging Peyton Manning, who had missed the 2011 season for health reasons before starting his four-year tenure with the Broncos in 2012.
Expecting Romo to have a similar impact in the Mile High City would be unrealistic since he doesn't have the resume Manning built during his years with the Indianapolis Colts. As long as he's an improvement over Siemian, though, he'd be a worthwhile addition.
Assuming the team can get Romo to come down from the $14 million he's set to earn, bringing the 36-year-old aboard could be a great move for the Broncos.