Remember, Elway would have traded pick 5 to the Bills if B. Chubb was off the board. So not only was Elway not taking Allen, but he was going to trade the pick to the Bills so the Bills could draft Allen.
One of the all time best stories involves Brett Favre. Jets head of player personnel, Ron Wolf, loved Brett Favre, but the Jets didn't have a 1st round pick. Atlanta drafts Favre 1 pick before the Jets in the 2nd round. A year later Wolf gets the GB GM job & trades for Favre who goes on to have a HOF career.