Elway, who is the current president of operations for the Broncos, also talked about his relationship with Avalanche general manager Joe Sakic, who is also a former player who transitioned to a front office role.
"I got so much respect for Joe and he has done a tremendous job," Elway said. "When he first started getting in, we had some conversations and then he got at it and things weren't going very well and he says, 'Why did you ever get me into this?' But he has come back and done an excellent job."