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John Elway

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Denver Broncos quarterback John Elway, right, and head coach Mike Shanahan laugh on the victory stand following their 34-19 win over the Atlanta Falcons in Super Bowl XXXIII in Miami, Sunday, Jan. 31, 1999. (AP Photo/Amy Sancetta)

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Former NFL quarterback John Elway arrives to campaign for Republican presidential candidate and former Massachusetts Gov. Mitt Romney at Wings Over the Rockies Air and Space Museum in Denver, Monday, Oct. 1, 2012. (AP Photo/Charles Dharapak)

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Former NFL quarterback John Elway arrives to campaign for Republican presidential candidate and former Massachusetts Gov. Mitt Romney at Wings Over the Rockies Air and Space Museum in Denver, Monday, Oct. 1, 2012. (AP Photo/Charles Dharapak)

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Former NFL quarterback John Elway arrives to campaign for Mitt Romney at Wings Over the Rockies Air and Space Museum in Denver earlier this month. (Associated Press)

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"When I think back about when the Broncos got John Elway, I don't think anybody looks back and says, 'Hey, did we overpay?' To get a guy like that doesn't happen very often. So to get a guy that you feel is a franchise quarterback, I think you've really upped your organization over the long term." - Mike Shanahan (Associated Press)

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Mike Shanahan will coach a touted rookie quarterback - most likely Heisman Trophy winner Robert Griffin III - as a result of the Redskins trading up with St. Louis for the second overall pick. (Associated Press)

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associated press Quarterback Peyton Manning (left) and Broncos vice president John Elway show off Manning's new jersey during a news conference at team headquarters in Englewood, Colo. Manning agreed to a five-year, $96 million contract.

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New Denver Broncos quarterback Peyton Manning, center, is flanked by Broncos owner Pat Bowlin, left, and vice president John Elway during a news conference at the Broncos headquarters in Englewood, Colo., on Tuesday, March 20, 2012. (AP Photo/Ed Andrieski)

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NFL quarterback Peyton Manning (left) takes a tour March 9, 2012, with John Elway, executive vice president of football operations for the Denver Broncos, and Broncos coach John Fox at the team's training facility in Englewood, Colo. (Associated Press/The Denver Post)

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Hall of Fame quarterback John Elway speaks during an NFL football news conference at the Denver Broncos' headquarters Wednesday, Jan. 5, 2011, in Englewood, Colo., where he was named the team's executive vice president of football operations. (AP Photo/ Ed Andrieski)