With the first pick in the fifth round, the Broncos nabbed former Michigan tight end Jake Butt, considered by many to be one of the best tight ends in the entire draft.

At Michigan, Butt played four years for the Wolverines, finishing his senior season with 46 catches for 546 yards and four touchdowns.

Butt displayed a solid, old-school mentality and playing style in college, catching the ball over the middle and not afraid to make a crushing block to open up the running game. Many draft analysts compared his game to future Hall of Famer Jason Witten.

Butt was considered easily a mid-second to early-third round pick, but tore his ACL in Michigan’s bowl game against Florida State. Because of this, Butt was unable to participate in any offseason activities leading up to the draft.

This sent Butt plummeting down draft boards, before his slide ended with the first pick in the fifth round.

The Denver Broncos opened Day 3 of the 2017 NFL Draft by trading away backup running back Kabri Bibbs to the San Fransisco 49ers for a 2018 fourth round pick.

Shortly after, the Broncos sent their fourth round pick in this year’s draft (126th overall) and the 252nd overall pick to the Cleveland Browns in order to get the Browns’ first overall pick in the fifth round and another at pick No. 175.

Butt made headlines early Saturday morning, as it was revealed that he had an insurance policy that gives him $10,000 for every pick he’s not taken after the third round.

Many teams believed that Butt will need to start the season on the PUP (physically unable to perform) list, if not redshirt his rookie season altogether. The Broncos believe he’ll be able to contribute as early as September. If Butt can stay healthy and recover fully from his devastating ACL injury, he could easily be the steal of the draft.

Butt joins fellow tight ends Virgil Green, Jeff Heuerman and A.J. Derby on a roster that desperately needs more production from the tight end position.

Despite trading around early on day three, watching talent being taken away as other teams make their draft picks, it appears John Elway and co. can safely exhale after finally drafting the guy they’ve had their eye on.