Elway values the Cornerback position.
According to the Denver Post's Cameron Wolfe, he has heard that the Broncos may draft a cornerback fairly high during next month's NFL Draft. Wolfe states that while it's not the most pressing need, Elway views the cornerback position as a top three position on an NFL roster.
It's not a big need, but from what I've heard #Broncos may draft a CB fairly high. DEN views it as a top 3 position of importance.— Cameron Wolfe (@CameronWolfe) March 6, 2017
Back in February, I wrote a piece stating that the Broncos should consider taking a cornerback in the first round(or early rounds) of the 2017 NFL Draft for similar reasons.
Elway views the cornerback position as one of the top positions of importance(named quarterback, left tackle, pass rusher, and cornerback as his top positions on a roster during his introductory press conference) and has spent premium picks and money on the position during his tenure as General Manager. He signed Chris Harris Jr. and Aqib Talib to big money contracts, spent a first round pick on Bradley Roby, and a third round draft pick on Kayvon Webster and has built the best secondary in the NFL. So clearly it is a position he wants to keep strong.
Veteran cornerback Aqib Talib may be entering his final year with the team, and the Broncos need to decide if they want to place the fifth year option on corner Bradley Roby as well. Also, the Broncos are expecting to lose cornerback Kayvon Webster in Free Agency as well, so it might be time to add some depth to the position.
So while it's far from the Broncos most pressing need, it sounds like Elway wants to keep the position strong. Much like he did when he selected Shane Ray in the first-round when he already had Von Miller and DeMarcus Ware on the roster.
Another thing that likely factors into this decision is how deep and talented this cornerback draft class is. We could see 10 or more cornerbacks taken in the first 50 picks and probably a total of 20 in the first four rounds. Hell, we could see 5 or more corners selected in the first round of the draft alone.
I think there's a good chance that we may see a corner as high as pick 20, but most likely we will see one taken in the first three rounds of the draft. Some names to keep an eye on in the draft are Florida's two corners Teez Tabor and Quincy Wilson, Clemson's Cordrea Tankersley, USC's Adoree' Jackson, Michigan's Jourdan Lewis, West Virginia's Rasul Douglas, UCLA's Fabian Moreau and Iowa's Desmond King.