I can live with a 2nd round pick going to getting a QB. On the other hand, if they draft a QB in the first round, I will be upset and I think a lot of current Denver players will be also.
They said publicly that he is "The starter going into training camp." I realize that is different than saying he is the starter. But, if you are going to say that, you need to walk the talk. Using a first round pick on his potential replacement rather than to put more talent around him would be a severe contrast to the "starter going into training camp" comment.
Denver fans should not forget also, Elway ran Dan Reeves outta town for doing this. They used a pick on Tommy Maddox (?spelling) and Elway did not appreciate it. They passed on Carl Pickens, Darren Woodson, Levon Kirkland, Jimmy Smith and P. Sparks for Maddox. Any of those players would have helped Denver a lot. Mind you, this is in hindsight, but the fact is, they passed on an opportunity to put talent around Elway and instead drafted a potential (so they thought) replacement for him.
I say the first pick should go to an elite TE if one is available or to a defensive player who can help make the defense even better and thus more dominant. A DT who can get after the QB would make that defense fierce.