Denver Broncos quarterback Tim Tebow warms up at Invesco Field at Mile High on December 26, 2010 in Denver. UPI/Gary C. Caskey

According to ESPN’s Adam Schefter, the Broncos have reached an agreement with John Elway to become the team’s executive vice president.

“John’s intelligence, his leadership, business savvy, his knowledge of the game, and competitive fire — plus the respect that everyone in this building will have for him — will make us better right away,” Joe Ellis, the Broncos’ chief operating officer, told The Denver Post of owner Pat Bowlen’s sentiments, without confirming Elway’s hire.

One of Elway’s first orders of business as a Broncos executive will be to discuss Denver’s head-coach opening with Stanford’s Jim Harbaugh, league sources told Schefter. A former Stanford star, Elway is serving as an honorary captain for the Cardinal on Monday night at the Discover Orange Bowl against Virginia Tech.

This is obviously a great P.R. move by the Broncos. Their fans love Elway and if he can somehow bring Harbaugh to Denver, then they’ll really love him. I don’t know if the man knows the first thing about being an executive vice president of a professional football team but after the disaster that was Josh McDaniels, the decision making couldn’t get any worse in Denver.

I don’t know if he’ll mettle in the on-field stuff, but maybe he can lend a hand in Tim Tebow’s development, too.