ENGLEWOOD, Colo. -- As the Denver Broncos head into the next phase of their offseason, they have their checkbook positioned for what they describe as a measured and strategic approach to the upcoming free agency period.
What that means -- a big splash accompanied by some smaller ones, or a variety of midsize ripples -- remains to be seen. But it's clear the salary cap restrictions that forced them into a calmer approach and a younger roster last offseason got the attention of the team's decision-makers after the Broncos went 10-7 and broke an eight-year playoff drought.
"We were very measured. We picked our spots," general manager George Paton said. "We were very strategic. It worked out. You can't go crazy every year. ... We could be really aggressive, but I think we'll have a more measured approach and still upgrade our team."
The next step in cultivating their free agent approach will come at next week's combine at Lucas Oil Stadium in Indianapolis. While the combine is a draft event, with more than 300 prospects who will be available in the 2025 NFL draft in attendance, it also serves as the starting ground for the upcoming free agent frenzy. Virtually all the league's decision-makers and coaches, along with many player agents, will be in Indianapolis.
So, what does the measured and strategic approach that Paton spoke about look like? Time will tell, but it will likely be a middle ground between the frenetic spending the Broncos did during free agency in 2023 and the more budget-conscious approach they took during the 2024 offseason.
The Broncos were extremely aggressive in the weeks following coach Sean Payton's hire in January 2023. That March, the Broncos signed three players to contracts with a total value of $45 million or more (offensive tackle Mike McGlinchey, defensive end Zach Allen and guard Ben Powers). Their top 10 free agency deals totaled $242.2 million and included just one re-signing of a previous Broncos player -- linebacker Alex Singleton.
They did a 180 in 2024. Due in large part to the salary cap restrictions that came with quarterback Russell Wilson's release last March, the Broncos' largest deal was safety Brandon Jones' three-year, $20 million contract. Their top 10 deals accounted for a far more modest $59.75 million, and four of those were re-signings of previous Broncos.
"We had no choice," Paton said. "We could've taken a less of a hit last year [for Wilson's dead money], but we wanted to take the [bigger] hit because we were going to go young. Sean emphasized that to the coaches."
Six of the team's seven draft picks in 2024 played, helping Denver to its first playoff appearance since it closed out 2015 with a Super Bowl 50 win. Broncos owner/CEO Greg Penner has referenced that dynamic in recent weeks.
"Last year, we were more constrained. It was a measured approach and that served us well. As we go into this offseason, it's a different situation again," Penner said. "We are going to have a little more cap space. We have a young nucleus and a great quarterback to build around. ... If it is appropriate, we will be aggressive, but I'm not sure we'll need to do that."
The Broncos will have much more salary cap room this year if they decide to splurge, though. Even though they will still have $34 million of dead cap money -- $32 million of it the remainder of the dead cap resulting from Wilson's release -- the Broncos will have the ability to actively participate in free agency.
Denver should have at least $38 million to $40 million worth of cap space prior to any roster maneuvers or potential restructurings before the league year opens March 12. Paton said in January that he expected the Broncos to have "about $52 million" in salary cap space by the time the new league year begins.
Whether that results in a collection of midrange deals like last April -- Jones' deal was the only one for more than $9 million -- or a potential run at a high-profile free agent will be determined by fit.
"That's our goal this whole offseason, try to find that secret sauce," Paton said. "We need to have another really good offseason, another really good plan."
The 2025 free agent class isn't considered a super-strong one, as many of the top available players are either on the older side, coming off late-season injuries or dealt with injuries during the season. That could make for some difficult decisions as the Broncos look to supplement their youth with veteran help.
Payton bristles at most queries about his offseason plan or needs but has said that the Broncos never found the formula at running back and that they need to prioritize getting more help for second-year quarterback Bo Nix.
"It's a player, it's two players, it's the line of scrimmage, it's the kicking game," Payton said.
Receiver is a place where the Broncos could use an upgrade, with Bengals receiver Tee Higgins being the top available player. But Cincinnati could choose to franchise tag the 26-year-old Higgins, which leaves a free agent receiver crop full of question marks. Chris Godwin (29 years old) and Stefon Diggs (31) were sidelined the second half of the season with injuries, while Keenan Allen will turn 33 this offseason.
The Broncos could also use upgrades at running back and tight end. Vikings running back Aaron Jones is 30 years old but a good fit for the offense, while Saints tight end Juwan Johnson played for Payton in New Orleans and is familiar with the Broncos' scheme.
Current Broncos sent to hit the open market are defensive tackle D.J. Jones, running back Javonte Williams and linebacker Cody Barton along with backup quarterbacks Jarrett Stidham and Zach Wilson. It's a landscape the Broncos must navigate to produce better play in the division, which they hope will lead to more playoff games and better postseason results.
"Obviously we're still not there yet, and yet we're a lot closer than we were at this time than [at the end of the 2023 season]," Payton said. "That was misery, sorrow, drudgery -- give me some other adjectives there -- that was brutal. Let's say that."