Justin Fields traded to the Steelers for a conditional 6th round pick

For less than an average backup, they have 2 shots to make it work. One is only 25 and is a very low risk proposition. If it does not work out and, as you say, leaves them with nothing at the position, what have they lost? A 6th? They would then be bad enough to be in a position to draft a QB. They would not be tied to an average QB on a huge contract trying to make it work.
12 months from now they could be in position to select the next Kenny Pickett and start the process all over again. ;)

Seriously though, There's rumors floating around that they will extend Russ. It will be interesting to see Denver's path forward. Apparently Sean didn't think too much of Fields.