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Report: Broncos, 49ers have agreed to parameters of a Colin Kaepernick deal

All that remains for a trade to go through is a renegotiated contract for Kaepernick.

Ezra Shaw/Getty Images

The Colin Kaepernick news continues to fly.

According to ESPN's Adam Schefter, the Denver Broncos and San Francisco 49ers have agreed to parameters of a deal for the quarterback. Schefter reported, according to his sources, that compensation would be a mid-round pick.

So one hurdle of a trade to send Kaepernick to the Broncos is now cleared.

In the process, it also makes clear why Kaepernick and John Elway met for at least the second time since March 15 on Thursday in Denver at Elway's home. With the details of a trade having been agreed to, all that's left is to get the contract restructure figured out.

As we said in the first story today, the Broncos have reportedly been working on restructuring Kaepernick's contract, which calls for him to earn a total of $14.3 million in 2016. Denver has just $1.62 million in salary cap space, and would need to clear cap room before any trade for Kaepernick could happen - hence the need to restructure the contract.

It was reported this week that the Broncos want Kaepernick to take a reduction in salary to $7 million for 2016. That's two-fold: It's a "prove it" deal for Kaepernick and gives Denver needed cap space for this season.

With one hurdle cleared, all that stands in the way of the Broncos getting a new quarterback is agreement on a contract. There is definitely mutual interest given Kaepernick and Elway have now met at least twice.

Stay tuned, Broncos Country. This news could drop at any point.