A day after Jets tackle D'Brickashaw Ferguson retired from the NFL, the Broncos traded Ryan Clady and a seventh-round draft pick to New York in exchange for a fifth-round pick, an NFL source confirmed.
For the Broncos, the extra cap room gives them leverage in their pursuit of a third quarterback.
Colin Kaepernick has been their primarily target and met with the Broncos at least once, at the Denver home of general manager John Elway, to discuss a potential trade.
The Broncos had multiple discussions with Clady's agent since February to try to restructure his deal and clear cap space.