I just got curious and looked into it. If the season ended today, the Broncos would be picking third, which is the HIGHEST PICK THE BRONCOS HAVE EVER HAD.
The Broncos have picked fourth on two occasions.
In 1991, the picked Mike Croel, the linebacker from Nebraska. He recorded ten sacks and won the Defensive Rookie of the Year award. He tailed off after that and only recorded 14 more over the rest of his career.
Before that, the Broncos picked Chris Hinton in 1983. He was really just trade bait to get the #1 pick, John Elway, away from the Colts. So you could say that the Broncos got the #1 pick that year, but it wasn't the pick they "earned."
There's two ways to look at it. You can either say that this year's Broncos are the worst team we've ever had (which isn't neccssarily true, since a lot of the 60's teams were really bad. The draft just wasn't as organized back then), or you can say that we'll be drafting a new talent the likes of which we've never seen.