The two won a Super Bowl together in Tampa Bay in 2002, and both believe this reunion in the Rockies could lead to a second ring.
"He's a teammate who I loved playing with and one of the great pass-rushers of all-time. So, we'd be - anyone would be - fortunate to get him," Lynch said Monday while the sides were signing the one-year deal at Broncos headquarters.
Rice, whose 121 career sacks rank second to Michael Strahan among active players, was released by Tampa Bay this summer after the Buccaneers signed first-round draft pick Gaines Adams out of Clemson.
GIANTS: Seven-time Pro Bowl defensive end Strahan reported to the team, six days before the season opener.
Ending a holdout that may cost him more than $500,000 in fines, Strahan handled some paperwork and met with general manager Jerry Reese and coach Tom Coughlin. He took a physical and left after 45 minutes, not making himself available for comment.
PANTHERS: Addressed their biggest need when they signed safety Marquand Manuel, two days after he was released by the Green Bay Packers.
They also officially signed cornerback Dante Wesley and released cornerback Curtis Deloatch and receiver Chris Horn.
FALCONS: Waived linebacker Jordan Beck and running back Jason Snelling and signed offensive lineman D'Anthony Batiste, defensive tackle Remi Ayodele and running back Artose Pinner.
Atlanta also signed seven players to the practice squad.
DOLPHINS: Linebacker Joey Porter says his surgically repaired right knee feels better every day, and he's expected to play in the season opener Sunday at Washington.
BROWNS: Charlie Frye will start at quarterback for Cleveland's season opener Sunday against the Pittsburgh Steelers.