Powell is a 5'10", 204lb running back entering his sixth season in the NFL. He has played his entire career with the New York Jets and has been a solid situational back for them.
During his five seasons with the Jets, Powell has totaled 1,609 yards rushing and 7 touchdowns. He has a career yards per carry average of 4.0. He has also added 112 receptions for 899 yards and two touchdowns.
This past season Powell had 313 yards rushing for the New York Jets, but added 47 receptions for 388 yards.
Powell has shown to be a solid third-down back during his career with the Jets, and that is what I think the Broncos view him as. With Ronnie Hillman likely to walk in free agency, the Broncos need a versatile running back to take his spot on the roster.
Also, with the Broncos placing a low-round tender on running back C.J. Anderson, there is no guarantee that he is even back with the team next season. So adding a back like Powell would, at least, give them a third down guy to pair with whoever the "1A" will be next season.
I think the Broncos will continue to look to add to the running back position this offseason. They are letting Hillman walk, and really showed how they felt with Anderson with the low round tender. I don't expect a major addition in free agency, but a back in the first two rounds of the draft seems likely.