This figure and the term of the contract - unlike with Cousins - should not preclude the Broncos from drafting a quarterback fifth overall if they choose to go in that direction.
After sitting out the playoffs in each of the last two years following their Super Bowl 50 triumph, the Broncos have apparently found their next signal-caller. On Tuesday morning, Schefter reported that Cousins, as expected, would sign with the Vikings on a three-year, fully guaranteed deal worth $86 million.
ESPN first reported the news early Tuesday morning, with National Football League insider Ian Rapoport also reporting soon after.
The Broncos likely won't take a quarterback when they pick at No. 5 in next month's draft. His signing can not be made official until the new league year opens at 9pm GMT on Wednesday.
According to a team source, two factors solidified Denver's pursuit of Keenum: The strong support of Broncos senior personnel adviser Gary Kubiak, and a player-friendly contract structure that is being pursued by Kirk Cousins.
Keenum, who has also had unsuccessful stints with the Houston Texans and Los Angeles Rams, went 11-3 in the regular season as a starter for the Vikings, throwing for 3,547 yards and 22 touchdowns with just seven interceptions.
The Denver Broncos don't appear to be landing Kirk Cousins after all.
"I still think we're not too far away, " Elway said. Instead of being forced into drafting a quarterback, the Broncos may be able to consider running back Saquon Barkley and guard Quenton Nelson, with of whom are considered the best prospects at their respective positions in quite some time. We didn't play very well there previous year, and that's not all on the players. "But I feel like we can get right back in the thick of things pretty quickly".
Keenum's arrival means Paxton Lynch is expected to return as a backup with competition from Chad Kelly and a potential draft choice - that has not been ruled out - as Denver plans on trading Trevor Siemian.