Breaking Down the Likely Cost of a Broncos WR1 Trade

If the Broncos want to trade for a No. 1 wideout, they have to be ready to pay the price.

Oct 26, 2025; Atlanta, Georgia, USA; Miami Dolphins wide receiver Jaylen Waddle (17) scores a touchdown against the Atlanta Falcons in the third quarter at Mercedes-Benz Stadium. | Brett Davis-Imagn Images

With the Denver Broncos looking to make big moves in 2026 free agency, it's possible they have something bigger in mind than signing free agents. The Broncos could explore the trade market.

Several wide receivers have been tossed around as trade possibilities. Some names get floated more than others, though it remains to be seen whether any of these players are actually moved.

There's nothing wrong with exploring the trade market for receiver help, but it's important to keep in mind that some receivers are worth more than others. A younger receiver is worth more than an older one, and a receiver who the current team likes will command more than a receiver who wants out of his current situation.

Keeping these things in mind, let's take a look at what the Broncos could expect to give up in a trade for a receiver, depending on who might be available.

Factors to Consider

First, consider the cases of George Pickens (who might get tagged by the Cowboys), Drake London and Chris Olave (receivers entering fifth-year options while on teams who might want more draft capital.

In these cases, if a trade were to happen, the comparison would be to deals that involved receivers in 2022. Davante Adams, who got tagged by the Green Bay Packers, netted first and second-round picks in a trade with the Las Vegas Raiders, while AJ Brown and Marquise Brown, both entering their fifth-year options, netted first and third-round picks in draft-day trades.

Pickens, London, and Olave are all going to command at least a first- and third-round pick from 2026 in return. That's based on the potential they present for future seasons and, in Pickens' case, the fact that a tagged player would net two firsts if signed to an offer sheet that isn't matched.

If this is what the Broncos want to do, they need to ask themselves whether they're confident they have enough players on the current roster who can fill spots that would otherwise be filled with a draft choice. They must keep in mind that a "buy low" scenario is unlikely here.

But let's say you want a receiver with more years of experience. In this case, regardless of the talent that the receiver has, you'd need to give up less draft capital because the player is older.

How low you can go with what you offer, though, depends on the situation. If the team is hesitant to move the player or the player seems content with his situation, you won't be able to go too low. But for a player who is unhappy with his situation, you can probably get the team to take less than it would otherwise.

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Brown & Waddle

Jan 11, 2026; Philadelphia, PA, USA; Philadelphia Eagles wide receiver A.J. Brown (11) celebrates first down against the San Francisco 49ers during the first quarter in an NFC Wild Card Round game at Lincoln Financial Field. | Bill Streicher-Imagn Images

We come back to AJ Brown, who is reportedly unhappy with his situation. He's a player that the Eagles might have to take less than they expect, given those reports about his unhappiness.

Compare that to Jaylen Waddle, who hasn't said much about his situation. Furthermore, the Miami Dolphins are almost certain to cut Tyreek Hill for cap and injury reasons, so they may be hesitant to move Waddle, even as they are set to rebuild.

Brown and Waddle both have option bonuses due, which are treated as signing bonuses if exercised. Waddle's is due in March, while Brown's is due in September, but in Brown's case, the Eagles' projected cap space assumes they exercise his option sooner than September.

If the Dolphins don't trade Waddle by the time the option bonus is due, they'll be stuck with that money. If they decide to trade him, they'll be more pressed to get a deal done.

As for Brown, because the Eagles might need to exercise his option long before September, they may be more pressed to get a deal done as well, so they don't have to be stuck with that money.

Those circumstances might lower the price to pay to get a deal done. For Brown, a second-round pick is better to send than a first, though a team might have to include a future conditional pick.

For Waddle, it might require a first if the Dolphins are reluctant to move him, but a second and a Day 3 pick might get it done, or the Broncos could include Troy Franklin as part of the trade.

The Takeaway

Getting a younger receiver in trade would be nice but it would come at a higher price along with an extension. With an older receiver who is still in his prime, the price shouldn't be that high and the Broncos wouldn't have to work out an extension.

If the Broncos want to trade for a receiver, their best bet may be to negotiate with teams that have a player they believe needs a change of scenery. That might make Brown the best bet for a possible trade.

Of course, the Broncos don't have to trade for a receiver. They could sign somebody in free agency, and it's expected there should be some good receivers available — not all of them might be a true No. 1, but they would be an upgrade over Franklin, who has been inconsistent in his first two seasons.

As always, trades are dependent on teams that are willing to discuss them. But if any are, it comes down to who the Broncos like, the price teams are asking, and what the Broncos are willing to pay.