CHICAGO (CBS) -- Bears General Manager Ryan Pace is on the clock in a quarterback-rich year.

The NFL draft starts on Thursday, and the Bears hold the 20th overall selection.

This is the first time the Bears have a first-round selection in three years, and picking at 20 has its pitfalls.

"I just think as an organization, we've got to be ready for every single scenario – however this thing plays out, however this board falls, that's where all the preparation comes into the play," Pace said, "and I feel like we're in that spot whether it's trading up, staying put, trading back – all those things are in place for us."

The Bears exercised the fifth-year option on linebacker Roquan Smith, for one less thing they have to worry about.