How about a little of both?
Before the comments go crazy, let me clarify some things: My scenario for bringing in Colin Kaepernick would involve him on an incentive-laden vet minimum deal. There would have to be little risk to the Broncos for trying out the controversial veteran.
I also want to point out that his 2015 season in San Francisco was still better than anything the Broncos have produced in that timeframe. He wasn’t benched, he was recovering from a knee injury. He didn’t turn down the Broncos in free agency in 2015, he was set to be traded to Denver who demanded he take half his salary in the swap. Kaepernick declined, as anyone in his position would have. Expecting a starting QB that had two NFC Championship games and a Super Bowl on his resume to take such a pay cut was a gamble that did not work out for Elway. It’s not the Broncos fault and it’s not Kaepernick’s fault, it just is and shouldn’t preclude another opportunity for the Broncos to improve at the position.
If he resembles his 2013-14 self, with the cannon arm, the speed and the athleticism, he could be a solution for the Broncos. Again, there is literally nothing else out there on the veteran market that involves less risk. Broncos head coach Vic Fangio likes Kaepernick from their time together in San Francisco, his skillset fits Denver’s offensive identity and his polarizing presence will bring all eyes to the Broncos and their fate. That translates into money in ownership’s pocket (whoever that turns out to be).
So, a sound business proposition that is as low-risk/high-reward as you can find with the limited options available, Kaepernick would certainly keep the Broncos top-of-mind and his popularity among players may make Denver an enticing destination. Guys already want to play for Fangio in Denver, add cult hero Kaepernick and the Broncos turnaround could happen much faster than anyone expected.
Of course, all three of these scenarios assume a lot and expect a lot but Denver needs to be bold at quarterback. They’ve tried sensible, they’ve tried to find the “right” guy through traditional channels. Maybe some non-traditional means are what’s called for.