Broncos' Latest Offseason Grade Tells a Bigger Story

The Denver Broncos' offseason was, shall we say, unique. It was unprecedented in my time covering the team, dating back to 2012.

When free agency opened, the Broncos waited weeks before signing an outside player, and that came in the form of depth safety and special teams contributor Tycen Anderson. However, within the first couple of days of the new league year opening, the Broncos orchestrated the blockbuster Jaylen Waddle trade, acquiring the talented receiver from the Miami Dolphins.

Beyond the draft, which didn't come until late April, that was it for Denver, in terms of adding outside talent. The Broncos opted instead to retain as much of their 14-win roster as possible, re-signing 17 of their own free agents.

The Waddle trade was fun while it lasted, and should have a massive impact on the offense, but it was the quietest offseason I've ever seen from the Broncos, at least since 2012.

This begs the question: how would one grade the Broncos' 2026 offseason? We've graded their draft haul and the Waddle trade itself, but let's look outside Mile High Huddle/Denver Broncos On SI just to see how the national perspective is viewing the offseason as a whole.

NFL Media's Matt Okada gave the Broncos a B+ for their offseason.

"The Broncos' offseason has been predicated heavily on re-signing important assets, rather than adding new ones. Losing [John] Franklin-Myers on the defensive line definitely hurt, though Denver added a potential replacement with its first pick in the draft -- at 66th overall. But otherwise, the roster has remained largely the same after a strong playoff run that might have been a sudden ankle injury and a Denver blizzard away from the Super Bowl," Okada wrote.

Big Personnel Loss

John Franklin-Myers and Nik Bonitto — Denver Broncos linebacker Nik Bonitto (15) celebrates his sack with defensive end John Franklin-Myers (98) against the Atlanta Falcons. | Derek Regensburger/Cal Media/IMAGO / Newscom World

Franklin-Myers was the one big questionable decision. Not only did the Broncos let him go in free agency, but according to him, they never reached out, at any point, to even check in with him about what kind of money or contract he was looking for.

Curious, right? Especially as an interior defensive lineman who produced 14.5 sacks in the two years he was with the club.

The Broncos have plenty of candidates to step into the JFM role, but based on what defensive coordinator Vance Joseph said during minicamp, Malcolm Roach could be the initial starter, with Eyioma Uwazurike rotating in on passing downs. 2025 third-rounder Sai'vion Jones and rookie third-rounder Tyler Onyedim could factor in eventually, as well.

The Waddle Trade

Denver Broncos wide receiver Jaylen Waddle catches a pass during OTA practice at Broncos Park Powered by CommonSpirit. | Gabriel Christus/Denver Broncos

"The one big add was Waddle, acquired in a mid-March trade. He provides an element to the passing attack that was largely lacking last year, and could even thrive in Sean Payton's vacant 'Joker' role. Ultimately, Denver lost very little and gained just enough to pick up where its breakthrough 2025 campaign abruptly left off," Okada wrote.

Not to pick nits, but I wouldn't say that Payton's "Joker" role has been vacant. And I certainly wouldn't say that Waddle is a "Joker."

First of all, a "Joker" is a tight end or a running back who can be used as a mismatch weapon in the passing game. That's how Payton has defined the term/role.

Evan Engram was supposed to be Payton's tight-end version of the "Joker," but the veteran didn't fully realize his potential as a mismatch weapon, and some of that is on Payton. Engram did finish third on the team in receiving, though, in his first year in Denver.

RJ Harvey emerged as Payton's bona fide "Joker" running back, catching 47 passes for 356 yards and five touchdowns as a rookie. The Broncos have the "Joker" box checked, and I predict that Engram will take some big steps forward as the tight-end version in Year 2, especially with new offensive coordinator Davis Webb taking over the play-calling duties.

The Takeaway

The Broncos' master plan this offseason was to retain as much of their roster that made it all the way to the AFC championship game as possible. They'll return roughly 90% of their snaps.

Bo Nix is back, which is huge after his ankle fracture. The Broncos' entire starting five offensive line is back. All the skill positions return, plus Waddle, and rookies Jonah Coleman at running back and Justin Joly at tight end.

The Broncos' entire starting lineup on defense is back, with JFM as the only exception. That's insanely hard to do as a team. The specialists are all back, including Marvin Mims Jr. as the returner, though he is entering a contract year.

The Franklin-Myers departure could end up hurting, but the Broncos have so much front-seven talent that, even if Roach, Uwazurike, Jones, and/or Onyedim are unable to fully duplicate the pass-rush impact, guys like Nik Bonitto and Zach Allen should help offset the loss. It was a bit of a gamble to let JFM walk, but as Joseph has said, the Broncos can't pay everyone, and the team has bet on its youth before under Payton, and it has paid dividends.

Waddle's impact will be palpable. Webb has compared Waddle's arrival to that of Stefon Diggs in Buffalo circa 2020, which sparked Josh Allen's Year-3 ascension. Webb sees parallels in Denver with Waddle and Bo Nix, who also happens to be in his third year as a quarterback.

Overall, it was frankly a boring offseason — from a fan perspective — outside of the Waddle trade. As a journalist covering the Broncos, there was a lot more twiddling of the thumbs than I'm used to in the month of March, but so be it.

But Payton and Broncos GM George Paton clearly know what they're doing. Together, they've won 32 games for the Broncos over the past three seasons.

Denver's conservative approach offered less fodder to help pass the time in the offseason, but it should help the Broncos maintain a high floor in 2026, with the Waddle addition and the draft class raising the ceiling considerably.

B+ is a fair grade for the Broncos.

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