The Denver Broncos agreed to a deal that will send quarterback Case Keenum to the Washington Redskins, Thursday afternoon. Denver will receive Washington’s 2020 sixth-round pick in exchange for Keenum and a 2020 seventh-round pick. The trade can’t be finalized until the new league year starts next Wednesday.

Keenum restructured his contract to make his salary more manageable for both teams. The Broncos will pay a $500,000 restructure bonus, as well as half of his new $7 million 2019 salary. The Redskins will pay the other $3.5 million of his salary. He was originally due $18 million in 2019.

The Broncos signed Keenum to a two-year $36 million contract last offseason. The 31-year-old started every game for Denver, throwing for 3,890 yards with 18 touchdowns, 15 interceptions and a 62.3 completion percentage.

Denver, of course, found a replacement for Keenum when they traded for Joe Flacco last month. Flacco, 34, is a former Super Bowl MVP, but he was replaced in Baltimore by rookie Lamar Jackson halfway through last season. The Broncos gave the Ravens fourth- and seventh-round picks in this year’s draft, in exchange for Flacco and a sixth-round pick. The trade will also not be official until next week.

Keenum will compete with Colt McCoy for the Redskins’ starting quarterback job. Washington brought in Alex Smith last offseason, but Smith broke his leg halfway through the season after posting similar numbers to Keenum’s. Smith is expected to miss the entire 2019-20 season.

Washington will be Keenum’s fifth NFL home. He began his career with the Texans in 2012 as an undrafted rookie, eventually earning the starting job in his fourth season in Houston. He played three seasons with the Rams as a part-time starter and one in Minnesota, where he led the Vikings on a postseason run after Teddy Bridgewater went down with an injury.

Also of note, the Broncos tendered exclusive free agents Elijah Wilkinson, Joe Jones, Dymonte Thomas and Tim Patrick on the day. They opted to not tender LB Jerrol Garcia-Williams.