He's been out of the game for three years, Denver might take a shot on him in a backup role but he'll not be guaranteed the starting role - if they even give him a shot.
If I was Elway, I would pursue Jairus Byrd in the same manner that he did Manning. Denver lacks elite talent on the defensive side of the ball give Von Miller, adding Byrd would equate to the level of elite talent Denver had in the 90's and 80's defensively with both Byrd and Miller. If they fall short of getting Byrd then you go after someone like Delmas but to equate the loss they should pursue the likes of Houston or Johnson as well, when you add in Rodgers-Cromartie along with Byrd or along with Delmas and say Houston, then the defense is greatly improved talent-wise compared to last years unit.