McGlinchey and the Broncos agreed to a five-year deal worth $87.5 million, including more than $50 million guaranteed, per NFL Network.
The Denver Post and ESPN reported Powers would get a four-year deal worth $52 million, including $28.5 million guaranteed.
Both deals become official Wednesday, the first day of the new league year.
New head coach Sean Payton and general manager George Paton identified offensive line upgrades as one of the team's priorities when discussing how to improve the Broncos in 2023.
McGlinchey, 28, started all 69 games he played in with the San Francisco 49ers the past five seasons.