Broncos draft pick quarterback Paxton Lynch joins Jade McCarthy to discuss his reaction to being selected in the first round by Denver and his expectation to when he thinks he'll get on the field. (2:28)

ENGLEWOOD, Colo. -- For the second consecutive year, the Denver Broncos waited patiently at the bottom of the first round of the NFL draft before they decided they couldn't wait any longer.

The Broncos moved up from pick No. 31 to No. 26 on Thursday via a trade with the Seattle Seahawks and selected Memphis quarterback Paxton Lynch, a decision that Broncos executive vice president of football operations and general manager John Elway said means the team's pursuit of San Francisco 49ers quarterback Colin Kaepernick is "probably over."

The Broncos sent their 31st pick and a third-round pick (94th overall) to the Seahawks to move into position to select Lynch. Elway had promised throughout the offseason that the team wasn't finished adding quarterbacks in the wake of Peyton Manning's retirement and Brock Osweiler's departure in free agency.

"It was obviously the greatest feeling," Lynch said. "This was a dream come true for me. The Denver Bronco organization is obviously one of the best in the league."

Elway welcomed Lynch to Denver via his Twitter account.

We're thrilled that Paxton Lynch is going to be a Bronco. He fits what we do very well and plays the game with a lot of enthusiasm. — John Elway (@johnelway) April 29, 2016

Lynch threw for 3,776 yards last season to go with 28 touchdowns and four interceptions.

Last season, the Broncos moved up in the first round to select linebacker Shane Ray with the 23rd pick of the first round.

Memphis' Paxton Lynch was the third quarterback off the board Thursday night. The Broncos traded up from pick No. 31 to take him at No. 26. Joe Robbins/Getty Images

The Broncos have carried two quarterbacks on their roster for much of the offseason, after they made a trade for Mark Sanchez. He joined Trevor Siemian, a seventh-round pick by the Broncos in the 2015 draft.

Denver had Kaepernick in for a visit, and former Houston Texans quarterback Brian Hoyer visited the Broncos' complex earlier this month.

"We're going to continue to look at other quarterbacks. We'll stay open to everything," Elway said, before adding, "We're probably over with Kaepernick."

Coach Gary Kubiak said earlier this month that the team has had plenty of discussions about "going with just three quarterbacks for [training] camp."

Lynch said he doesn't consider himself a project, "but obviously, every quarterback coming out of college has something to work on. ... Every quarterback's a project when they first get in."