Broncos Transactions Update (3:20 PM MT)

The Denver Broncos have made several transactions since our last update. The team signed their third undrafted free agent wide receiver on Tuesday when they agreed to a deal with Fresno State's Jamel Hunter.

According to Mike Klis of the Denver Post, the Broncos can sign up to 15 undrafted college free agents, leaving them with only a few more signings to go. Once the team has concluded their signing spree, the team will announce an official list of UDFA additions to the roster, which we'll re-post on the site.

Last season, Denver signed nineteen UDFA's including defensive backs Kyle McCarthy and Cassius Vaughn (both of whom are still with the team). The most notable undrafted player to ever sign with the team is of course, former wide receiver Rod Smith.

Denver has been allotted a $8,118,404 rookie signing pool to use on their nine drafted rookies. A large chunk of that money will go towards rookie linebacker Von Miller's four to five year contract.

Meanwhile, our very own Garrett Barnes speculates that quarterback Kyle Orton's trade value is rising due to high demand. Kent Somers of AZCentral.com is reporting that the Arizona Cardinals and Broncos have had talks discussing a trade. It appears that the Orton Sweepstakes have come down to being between the Cardinals and Miami Dolphins.

Up to seven teams (the Dolphins, Vikings, Titans, Cardinals, Redskins, Bengals and Seahawks) may pursue Orton, so there's certainly no doubt that Denver will be able to find a trading partner. Denver would like to deal Orton soon and free up $8.4 million in cap space, a deal may take a few days to work out however.

In free agency the Broncos will be looking to sign a solid defensive tackle and another running back, but restricted free agents cannot be signed until Friday evening. Among the 442 unrestricted free agents in the NFL, Denver has the least amount in the league, with only five players. Running backs Kyle Eckeand and Laurence Maroney, defensive tackles Ronald Fields and Marcus Thomas and offensive lineman Ryan Harris are the select few.

The fates of Thomas and Harris are in their -- and their agents' -- own hands. Both of the players will have the option to re-sign with Denver or sign with another team, for perhaps a better offer. Defensive lineman Ronald Fields may receive an offer from the team but don't expect either Exkeand or Maroney to return.

Moving to another subject, Denver has several options at running back to chose from. The Baltimore Ravens cut running back Willis McGahee on Monday and according to multiple sources, McGahee and his agent, Drew Rosenhaus, view Denver as a team where he could become a starter again.

The Broncos may pounce on McGahee, if the price is right. McGahee was under contract to make $6 million in Baltimore this season but the Ravens were not willing to pay that. The Broncos may not be willing to pay that much either for the 29-year-old, so he'll have to take a pay cut to land in Denver.

Other options at running back include recently cut former Dallas Cowboys running back Marion Barber III and Carolina Panthers' free agent back DeAngelo Williams. The more flashy option is Williams, he however may re-sign with Carolina. There's been no word yet on if Denver will pursue Barber, but he would be a nice fit in the Broncos offense that is in serious need of a power back.

Lastly, several of Denver's drafted rookies have officially chosen their jersey numbers. Per the Broncos Vice President of Public Relations, Jim Saccomano, outside linebacker Von Miller will wear #58, safety Rahim Moore picked #26 and tight ends Julius Thomas and Virgil Green have chosen numbers 80 and 86 respectively. More jersey numbers will be announced as information becomes available.

Stay tuned and be sure to 'Like' our Facebook page for up-to-the-minute updates on all the transactions that will be happening today.