Surprisingly, the Denver Broncos haven’t added another veteran quarterback; however, overpaying for a veteran passer makes little sense when the team is rebuilding.

“The Broncos can bring in Ryan Tannehill or another vagabond if they choose,” wrote Troy Renck of The Denver Post. “But at this point, it makes sense to stick with Jarrett Stidham. He is the quintessential quarterback for a rebuild. His ceiling could very well be his floor.”

Stidham struggled in two starts last season, going 1-1 and posting a below-average 31.1 QBR. While Denver could sign a former Pro Bowler in Tannehill, why would it do that when it’s not in a position to make a playoff run?

The Broncos can’t make significant roster improvements due to salary-cap issues and a lack of draft capital. Per ESPN’s Jeff Legwold, the team is carrying $67M in cap charges for players no longer on the roster, including $53M from Russell Wilson’s release. According to Tankathon, they only have two picks through the first three rounds of the NFL Draft.

Denver has the 12th overall pick of the draft, which puts it within range to take a QB, perhaps Oregon’s Bo Nix or Washington’s Michael Penix Jr. In his latest mock draft, ESPN’s Field Yates had the Broncos taking Nix.

“He was incredibly efficient last season at Oregon, completing 77.4 percent of his throws and tossing 45 touchdown passes to three interceptions,” Yates wrote of the 24-year-old. “It has been a transformative offseason for the franchise, with Denver releasing Wilson and safety Justin Simmons and trading receiver Jerry Jeudy. Nix would help get things back on track.”

Committing to a rebuild with a young QB is the right choice. The franchise has missed the playoffs for eight straight seasons, the second-longest drought in the NFL behind the New York Jets, and must restock the roster to turn things around.