The team lost Manning to retirement and Osweiler in free agency, and were only left with Trevor Siemian at the quarterback position. The 29-year-old Sanchez appeared in just four games in Philly last season, starting two of them. He threw for 615 yards, four touchdowns, and four interceptions.
He is a former first-round pick of the New York Jets, leading the team to back-to-back AFC Championship games in his first two seasons. He would then injure his throwing shoulder during the 2013 preseason, and wound up losing his job to Geno Smith.
The Jets then released the quarterback in 2014, but he quickly found a new home in Philadelphia as a backup.
Broncos general manager John Elway tweeted out the news of the trade, saying "This is the 1st step in our process." He also stated Sanchez will compete for a job, but the Broncos are still on the lookout for more help to replace what they have lost since their Super Bowl 50 win.