Sources told the NFL Network on Thursday that the teams agreed to terms on a deal that sends Keenum to the Redskins for a sixth-round pick in the 2020 NFL Draft. The Redskins will also obtain Denver's seventh-round pick in the 2020 draft.
League sources informed 9News that Keenum's contract will be adjusted. He will get a raise from $7 million to $7.5 million annually. The Broncos will save $3 million of the $7 million the team owed Keenum.
The trade will become official when the NFL's new league year begins March 13.
The Redskins targeted Keenum due to the uncertainty surrounding injured quarterback Alex Smith. Smith suffered a gruesome leg injury during the 2018 season and remains in rehabilitation.
The Broncos signed Keenum to a two-year, $36 million deal last March. The quarterback guided Denver to a 6-10 record, and head coach Vance Joseph was fired after the season. Denver's pending trade with the Baltimore Ravens for quarterback Joe Flacco made Keenum expendable.
Keenum is set to join his fifth franchise since entering the NFL as an undrafted free agent with the Houston Texans in 2012. He has a 26-28 record as a starter and has thrown for 12,661 yards with 64 touchdowns and 42 interceptions.