According to 9News' Mike Klis, "there has been zero discussion between Broncos general manager John Elway, the 49ers and Kaepernick in the past two weeks." On Thursday, Elway pretty much confirmed that report.
Though he didn't rule out the possibility of the Broncos acquiring Kaepernick in the future, he didn't sound hopeful.
As reports in the past have indicated, the hiccup in the trade talks has been money. Kaepernick reportedly doesn't want to take a pay cut, which is fair, and the 49ers reportedly aren't OK with easing the Broncos' financial burden. Still, given the Broncos don't have a starting quarterback other than Mark Sanchez on the roster, the situation could change as next week's draft approaches, as CBS Sports NFL Insider Jason La Canfora reported earlier this week.
The Broncos also met with former Texans starter Brian Hoyer, who would presumably compete against Sanchez. But even Hoyer isn't a lock to end up in Denver.
Brian Hoyer leaving Denver. No contract yet. Will stay in touch with Jets and Broncos. Bears and Steelers also monitoring situation— Jason La Canfora (@JasonLaCanfora) April 21, 2016
Clearly, at this point, there are only bad options left for the Broncos. It's about finding the best bad option.