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Broncos think Colin Kaepernick worth 4th round pick, per Mike Silver

The San Francisco 49ers and Denver Broncos are in the midst of negotiations on a deal that would send Colin Kaepernick to the Super Bowl champs in exchange for some kind of draft pick compensation. We've heard reports the Broncos are offering their late third round pick, but now Mike Silver has a bit of an update. Well, kind of.

Silver is reporting the Broncos think Kaepernick is worth a fourth round pick. Silver had initially said on Twitter that the Broncos "offered" a fourth for Kaepernick. He then followed up with this correction:

The whole exchange was a little odd. The Broncos traded their 2016 fourth round pick to the Baltimore Ravens for Gino Gradkowski. They have a fourth round comp pick, but those are not tradeable until the 2017 NFL Draft.

This would seem to be why the Broncos would be willing to offer up their late third. They view Kap as worth a fourth, the 49ers can get a high third from the Browns, so the Broncos are thus willing to offer up their late third. Or, they want something back from the 49ers to make a third round pick happen. Or, if they think Kap is worth a 2016 4th, maybe they are willing to offer up a 2017 3rd since future picks are often bumped up a round in exchange for a current year pick.