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Broncos general manager John Elway didn't blink when Brock Osweiler bolted for the Texans to sign a four-year, $72 million contract, and he hasn't blinked while sorting through the particulars of a deal that would bring Colin Kaepernick to Denver from San Francisco.

For now, Kaepernick remains a member of the 49ers, and as of April 1, his 2016 salary -- $11.9 million -- is fully guaranteed. One of the stumbling blocks to a trade is how much Kaepernick will make and who will be paying him.

As CBSSports.com's John Breech wrote Tuesday night, Kaepernick is willing to take a pay cut, but the size of the pay cut is the issue. In fact, he stands to lose $12.4 million in 2016 and 2017 if he takes the Broncos' last offer and, well, that ain't happening. It's why the quarterback returned to San Francisco to begin offseason workouts (that $400,000 workout bonus doesn't hurt).

But here's a little fact that's been lost amid all the trade talk: Kaepernick is still recovering from a shoulder injury that sidelined him last season and he isn't expected to be healthy for at least another month.

This is important because it could provide insight into when the 49ers and Broncos might next try to get a deal done. As PFT notes, Organized Team Activities (OTAs) begin on May 17; if the 49ers truly do want to move on from Kaepernick, they'll want him long gone by then because if the quarterback gets hurt during OTAs, they'll be on the hook for the full $11.9 million.

It's a matter of when, not if Colin Kaepernick is traded. (USATSI)
It's a matter of when, not if Colin Kaepernick is traded. (USATSI)

In the interim, there's plenty to sort out.

On Monday, CBS Sports NFL Insider Jason La Canfora said that an earlier report that Kaepernick refused a pay cut doesn't mean a possible trade is dead. "Bottom line is that this is all jockeying, and there are no real deadlines. A lot could happen this month, particularly right around the draft."

La Canfora added: "Kaepernick reported [to the 49ers] to start earning time toward accruing his workout bonus and other than that, really nothing has changed. He doesn't want to be there, they know he's not their guy, he couldn't throw a pass at an OTA if he wanted to (and he doesn't), and the Broncos and 49ers remain in touch."

If the Kaepernick does fall through (and, frankly, that seems like a long shot), the Broncos do have options, including the last pick in the first round of this month's draft. Here are two quarterback possibilities, courtesy of the most recent CBSSports.com mock drafts: Paxton Lynch of Memphis and Connor Cook of Michigan State.