The Broncos traded a fourth round pick for a player who didn't make the final 53.
The Denver Broncos had their cutdowns to 53 on Saturday and Gino Gradkowski was not on the final 53 on 4:00 p.m.
Which means that the Ravens and Broncos essentially swapped picks, with the Ravens getting a 2016 4th round pick and Denver getting a 2016 5th round pick.
Gradkowski was beaten out by Matt Paradis, a sixth round pick in the 2014 Draft who spent all of the 2014 season on the Broncos' practice squad.