It has happened. Emmanuel Sanders is no longer a member of the Denver Broncos. According to Mike Klis of 9News, Sanders along with a fifth round pick has been traded to the San Francisco 49ers in exchange for a third and fourth round pick.
It would appear to be fairly good value here. Sanders contract was up anyway at the end of this season and John Elway was able to bring in an extra third and fourth rounder for the 2020 NFL Draft in exchange for Sanders and a fifth rounder.
This gives the Broncos a third pick in round three.