2018 NFL Draft News: John Elway Announces No. 5 Overall Pick Up for Trade

Denver Broncos general manager John Elway announced Thursday that the No. 5 overall pick in the 2018 NFL draft is available to the highest bidder, according to ESPN's Adam Schefter.

Elway's declaration came one week prior to Round 1 of the draft, which will take place at AT&T Stadium in Arlington, Texas, on April 26.

On the heels of a 5-11 season, Elway could go in several different directions with that No. 5 pick.

The Broncos' biggest issue in 2017 was quarterback play, but they addressed that by signing former Minnesota Vikings quarterback Case Keenum to a two-year deal. Keenum would solve Denver's quarterback conundrum if he repeats his career year, but that's far from a given.

If the Broncos stay put, they may have an opportunity to select a signal-caller from a group that includes USC's Sam Darnold, UCLA's Josh Rosen, Oklahoma's Baker Mayfield and Wyoming's Josh Allen.

Denver could also use a running back like Penn State's Saquon Barkley to replace the recently released C.J. Anderson or a pass-rusher such as NC State's Bradley Chubb to complement Von Miller.

Provided the Broncos aren't enamored with the prospects available to them at No. 5, quarterback-needy teams such as the Buffalo Bills or Arizona Cardinals would make for logical trade partners. Buffalo owns the No. 12 and No. 22 overall picks, which would be a good starting point for a deal involving No. 5.

In his latest mock draft, Bleacher Report's Matt Miller projected Denver would stand pat at No. 5 and select Mayfield to either compete with or learn behind Keenum.