Per NFL reporter Josina Anderson, the Broncos will adjust Bridgewater's current contract so that he can become a free agent after this season.
With their sixth-round pick (No. 191 overall) off to Carolina, the Broncos have eight draft picks right now. Their current slate of picks are at No. 9 (first round), 40 (second round), 71 (third round), 114 (fourth round), 152 (fifth round), 237 (seventh round), 239 (seventh round) and 253 (seventh round).
Updated Broncos Depth Chart
QB: Drew Lock, Teddy Bridgewater, Brett Rypien, Jeff Driskel
RB: Melvin Gordon, Royce Freeman
FB: Andrew Beck, Jeremy Cox
WR1: Courtland Sutton
WR2: Jerry Jeudy
WR3: Tim Patrick, KJ Hamler, Daesean Hamilton
TE: Noah Fant, Albert Okwuegbunam
LT: Garrett Bolles, Calvin Anderson
LG: Dalton Risner, Austin Schlottmann
C: Lloyd Cushenberry III
RG: Graham Glasgow, Netane Muti
RT: Ja'Wuan James, Quinn Bailey
LDE: Shelby Harris, Jonathan Harris
NT: Shamar Stephen, McTelvin Agim
RDE: Dre'Mont Jones, DeShawn Williams, Deyon Sizer
OLB: Bradley Chubb, Malik Reed
ILB: Alexander Johnson, Austin Calitro, Justin Strnad
ILB: Josey Jewell, Josh Watson
OLB: Von Miller, Derrek Tuszka
CB: Duke Dawson, Nate Hairston
CB: Kyle Fuller, Bryce Callahan
Nickel CB: Ronald Darby
FS: Justin Simmons, Trey Marshall
SS: Kareem Jackson, P.J. Locke, Chris Cooper
There has been speculation about the Broncos potentially looking to acquire a quarterback at some point in the NFL draft.
ESPN's Adam Schefter reported that the addition of Bridgewater doesn't take the Broncos out of the quarterback sweepstakes in the first round on Thursday.
There are five quarterbacks expected to be taken early in Round 1. Trevor Lawrence and Zach Wilson are assumed to be the first two players off the board, with Justin Fields, Trey Lance and Mac Jones all potential top-10 picks.
The Broncos have the ability to stand pat and wait for one of those options to fall, but they can also get aggressive in a potential trade up if they don't want to risk another team making a move.
George Paton, the first-year general manager in Denver, was the Minnesota Vikings assistant general manager when the team selected Bridgewater with the final pick in the first round of the 2014 draft.
Drew Lock is currently penciled in as the Broncos starter, but it seemed likely the team would find a way to add competition this offseason. The 24-year-old ranked last out of 35 qualified quarterbacks in completion percentage (57.3), tied Carson Wentz for most interceptions (15) and ranked 29th with a 48.8 QBR in 2020.
Bridgewater started 15 games for the Panthers last season. The 28-year-old set career highs with 3,733 passing yards and 15 touchdown passes.