Dennard was arrested earlier this week so I wouldn't surprised if he ended up falling in the draft. But hitting on cornerback is the right move for the Broncos, who will need to plan for life after Champ Bailey.
SB Nation's Mile High Report explains the pick:
After taking Michael Brockers in the first round, I was prepared to go with either the best running back or best cornerback on the board. I think there is good value here with Chris Polk as well, but getting a guy with the potential of Alfonzo Dennard at the cornerback position is too much to pass up on at this point. Dennard was once considered among the best cornerbacks in the draft, and I still have him ranked 44th overall on my board. The Broncos just cut Andre' Goodman, and have some guys coming off of injured reserve in Syd'Quan Thompson and Cassius Vaughn, but adding Dennard seems to make sense with what I've been hearing they want to do.
Denver also signed Tracy Porter, but just to a one-year contract and I think breakout undrafted rookie Chris Harris is better suited as a nickel defensive back, so this could very well wind up being the pick. In today's NFL, you can never have enough pass rushers, and you can never have enough guys ready to stop opposing quarterbacks. I think Broncos fans would be very pleased with this selection.