UPDATE 3:48PM ET - John Elway has announced via Twitter that John Fox will be the Broncos' next head coach. Let's hope Mike McCoy and Ben McDaniels stick around...
UPDATE 4:05PM ET - Within an article announcing the hire on their official website, the Broncos have released a statement from Fox, who says:
I am very thankful to Pat Bowlen and John Elway for giving me the opportunity to coach a football team with such a proud tradition. The Broncos have a culture of winning, and I am excited to continue that legacy. I can’t wait to get to work, pushing our players to be the best they can be and representing this community as head coach of the Broncos.
Elway said of Fox on Twitter:
Coach Fox is a great fit for us not only with his coaching ability but also with his personality. He is a dynamic and proven leader who will energize our entire organization. John has coached great defenses, turned teams around and been to Super Bowls. We couldn’t be more excited to have him lead the Denver Broncos.
UPDATE 4:34PM ET - Jason La Canfora is reporting that the frontrunner to be hired as Denver's next defensive coordinator is former Falcons and Seahawks head coach Jim Mora, while Redskins special teams coach Danny Smith is also a likely hire.
3:46PM ET - According to the DP, the Broncos have cut their coaching search down to former Denver player and assistant coach and current Texans OC Rick Dennison, former Panthers head man John Fox, and Jaguars OC Mr. Dirk Koetter.