Despite the money, I think this is a smart move by the Broncos. The goal is to develop your franchise QB, and that entails trying to build a solid core around him. They've got a veteran running back, allowing them time to develop another young runner (which subsequently means they won't have to go TE early in the draft). They aren't apt to go OL early, which means that Graham's blocking prowess could be more beneificial. He's a solid mid-range target that will allow Scheffler to attack the seams more. There's a blend of young and veteran talent at WR. It'd be nice to see an OL addition or two, even for depth purposes, but all in all, I like the offseason. THey know that they need to develop and nurture Cutler, and these veteran pieces should help.
THey can now use the draft picks to address defense early, and to shore up some depth issues. The Bly situation will be interesting to see how it plays out, but on the offensive side of the ball, it's been a smart offseason.
No, he is not worth the money ... but I think it's a smart move.