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Updated: Broncos bring back quarterback Brock Osweiler

Little more than a year ago, John Elway waved goodbye to quarterback Brock Osweiler, the former backup who’d helped the Denver Broncos get to Super Bowl 50 when Peyton Manning was injured.

But Elway isn’t above welcoming Osweiler back at a steeply discounted rate.

Osweiler was among the Cleveland Browns’ cuts on Saturday, the team opting to release him after coach Hue Jackson decided rookie Deshone Kizer would be the team’s starter. Cleveland made a trade with Houston earlier this year to acquire Osweiler, whose one season with the Houston Texans didn’t go well.

Hey guys, I’m back! Multiple reports say the Denver Broncos want to re-sign quarterback Brock Osweiler. (AP)

And now there are multiple reports that the Broncos are primed to sign Osweiler, less than 18 months after the Texans had offered Osweiler $72 million over four years in free agency. Elway said that was too rich for his blood.

UPDATE (9:50 p.m. ET): The Broncos announced they have agreed to terms to Osweiler on a one year deal, pending a physical on Monday. A story on the team website cited the recent shoulder injury suffered by backup quarterback Paxton Lynch as part of the reason Denver wanted to bring Osweiler back into the fold. Lynch’s recovery is expected to be around five weeks, and Osweiler will serve as backup until he’s healthy, Elway told reporters on Saturday evening.

The Broncos will pay Osweiler the league minimum, or $775,000, meaning the Browns, who were on the hook for his $16 million guaranteed salary this season, now only have to pay him $15.225 million (bargain!).

(Original post continues below.)

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And the Browns do get to keep the second-round draft pick they got from the Texans to take Osweiler off their hands.

Last year, Osweiler started 14 games for the Texans, and the team was 8-6; he completed 59 percent of his passes, with 15 touchdowns and 16 interceptions. In his seven starts for Denver in 2015, Osweiler completed 61.8 percent of his passes, with 10 touchdowns and six picks.