• Paxton Lynch of the Memphis Tigers throws a pass during a game against the Ole Miss Rebels.

Paxton Lynch of the Memphis Tigers throws a pass during a game against the Ole Miss Rebels. (Photo : Getty Images/Wesley Hitt)

The Denver Broncos selected University of Memphis quarterback Paxton Lynch with the 26th overall pick in the 2015 NFL Draft. It is now speculated that the Broncos pursuit for San Francisco 49ers QB Colin Kaepernick appears to be over.

According to NFL.com, the Broncos sent the 31st overall pick and their third-round pick to the Seattle Seahawks to acquire the 26th overall pick. They used that pick to draft Lynch, who is considered as the quarterback of the future due to his talent and potential but is considered as a raw player.

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The 22-year-old QB completed 758 passes for a total of 8,865 yards and 59 touchdowns in his three seasons with the Memphis Tigers. He is a 6-foot-7 player who is known for his rocket arm and ability to scramble.

"It was obviously the greatest feeling. This was a dream come true for me. The Denver Broncos organization is obviously one of the best in the league," Lynch told ESPN in an interview.

The Broncos are coming off a Super Bowl win over the Carolina Panthers. However, they lost starting quarterback Peyton Manning to retirement and heir apparent Brock Osweiler who signed with the Houston Texans this offseason.

General manager John Elway has been trying his best to acquire a new starting QB to defend their Super Bowl crown. Elway acquired Mark Sanchez from the Philadelphia Eagles on March 11 to join the only other QB on the roster, sophomore Trevor Seimian.

The Broncos have been linked with a lot of quarterbacks this offseason including Sam Bradford, Robert Griffin III and Kaepernick. The Eagles are asking too much for Bradford while Griffin signed with the Cleveland Browns.

Denver had a trade in place with the 49ers to acquire Kaepernick but he refused a take a pay cut that caused the deal to fall apart. Elway told ESPN in an interview that they are not going after Kaepernick anymore but are still open to signing another quarterback.

"We're going to continue to look at other quarterbacks. We'll stay open to everything. We're probably over with Kaepernick," Elway said.

The Broncos are still considered contenders for next year's Super Bowl with most of their offensive and defensive line still intact. The only thing that was missing was a quarterback but they likely found him in the draft.

Check the video below for some of Lynch's college career highlights with the Memphis Tigers.