The 6-foot-6, 301-pound Schofield is a versatile blocker, playing both right tackle and left guard for the Wolverines over his career.
Schofield started all 13 games at right tackle last season and was credited with 10 TD-resulting blocks.
He was the 95th overall pick of the draft.
The team went the defense route with their first-round pick on Thursday as Denver selected Ohio State cornerback Bradley Roby.
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