The Broncos chose not to re-sign No. 2 receiver Eric Decker, who inked a five-year, $36.25 million deal with the Jets earlier this week.
Sanders, who played in 16 games last season and caught 67 passes for 740 yards and six touchdowns, would not only complement Demaryius Thomas and Wes Welker, but almost certainly see his production improve in a Peyton Manning-led offense. The 2010 third-round pick out of SMU ranked 71st in Football Outsiders' WR efficiency metric, just ahead of Robert Woods, Cordarrelle Patterson and Kenbrell Thompkins.
The Steelers were long shots to re-sign Sanders, and will likely re-up veteran Jerricho Cotchery and look to a deep draft class to add depth.