I am far from an expert on anything football related, but based on the games I have seen (and on commentary from announcers) the biggest piece of the puzzle that Denver is missing right now is at safety. If their current safety didn't mess up in the Conference championship last year, they may have won the Super Bowl. He has made some pretty glaring mistakes already this season (knocking down his own player last week, instead of the receiver.)
I would not be mad at this trade and Byrd would probably be happy playing for a contender. A first round pick should be reasonable too since Denver will most likely be picking in the late-20's (if not 32nd overall). I would even be willing to take a 2nd assuming they threw in a 3rd or 4th (or 5th, 6th or 7th even).
It seems unlikely he will suit up for us this year. Maybe I am overestimating his trade value but the Broncos seem like a good destination for him and it should be possible for us to squeeze some value out of them in return.