The Broncos will send a conditional 2017 7th round pick to the Philadelphia Eagles in exchange for Sanchez's services according to ESPN's Adam Schefter. So the Broncos gave up very little to acquire Sanchez.
While I and others probably hate this deal, it's likely that the Broncos view Sanchez as a backup to whoever they sign/trade/draft to be their starting quarterback. He's not the greatest option but gives the Broncos a decent backup going forward...if he stays.
There is talk that the Broncos could now flip Mark Sanchez to the San Francisco 49ers in exchange for Colin Kaepernick. Remember that the Niners have Chip Kelly as their Head Coach, and he once coveted Sanchez while coaching the Eagles. The Broncos can now use Kelly's guy as a trade asset to get Kaepernick from the 49ers. That's just one scenario out there.
The other scenario is that the Broncos view Sanchez as a solid backup option. He should not be a starter, but he is a solid veteran backup option for the team going forward. The Broncos also got him for next to nothing, so it is not an awful deal.
Denver Broncos General Manager tweeted out that adding Sanchez is the first step in the process. Meaning that Elway has a plan and more steps and additions are coming.
Acquired QB Mark Sanchez for a conditional '17 pick. He brings veteran leadership & will compete. This is the 1st step in our process.— John Elway (@johnelway) March 11, 2016
Mark Sanchez is entering his 8th NFL season and has totaled 15,126 yards passing for 86 touchdowns and 84 interceptions during his career. He has a career completion percentage of 56.7% and has a career quarterback rating of 74.3
The Broncos may have found themselves their backup quarterback, now we wait to see what other moves John Elway has up planned for the Denver Broncos and their quarterback position.