Report: Broncos Have Out-Spent NFL Rivals by 33% in 2023
When the uber-wealthy Walton/Penner ownership group first took over the Denver Broncos, the assumption was that it would lay down an authoritative financial marker sooner rather than later. The Russell Wilson extension last summer turned out to be but a preview of the Walton/Penners' tectonic financial maneuverings.
Broncos' CEO and co-owner Greg Penner has assumed the power broker mantle within Dove Valley. Penner greenlit a decisive plunge into the free-agent market when it opened, which secured several marquee names for the Broncos.
How big did the Broncos spend in free agency? Spotrac has calculated the Broncos' total spending in 2023 at $235.1 million, which is the most in the NFL by a wide margin. Denver's expenditure thus far is 33% higher than the second-place New Orleans Saints, who have so far spent $177.0 million.
9NEWS' Mike Klis was kind enough to illustrate Spotrac's NFL free-agent spending rankings on Twitter.
The heavyweight power of the Walton/Penner group shouldn't come as much of a surprise. By sending out the ultimate objective of returning the Broncos to competitive glory, the Broncos' new owners sent an explosive warning shot across the bows of the 31 other teams, leaving no doubt that they're backing new head coach Sean Payton with everything they've got.
In particular, Payton was likely the impetus for the Walton/Penners bankrolling the dramatic improvement of the Broncos' offensive line. Heading deeper into the process of free agency, it would appear the Broncos' brass will take a breath and perform an overview of where things currently stand.
That will involve crunching the numbers as it relates to the parameters of the salary cap, but should the Broncos have some cap space left — above and beyond what the team will have to budget to sign its 2023 NFL draft class — there's a chance they could make another splash.
If the rumor mill holds true and the Broncos end up trading one of their top two wideouts — Jerry Jeudy or Courtland Sutton — it would require GM George Paton to readjust the balance sheets relative to the salary cap.
Converting salaries into bonuses is an avenue the Broncos' front office might yet explore, especially if the team is intent on bringing in the likes of safety C.J Gardner-Johnson.
Much can change in a very small amount of time, but if we've learned anything in the Walton/Penner group's first free-agent period, it's that Denver's Walmart money doesn't just speak — it shouts quite loudly.
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