Cap Expert Reveals Where Broncos Rank Among FA Spenders Since 2020

Since the Walton-Penner ownership group took over the Denver Broncos, there's been lots of talk about how the team has owners that aren't afraid to spend money. And with such owners, talk eventually turns to how much the Broncos will spend in free agency.

Over The Cap's Jason Fitzgerald looked at how much each team has spent on free agents, both of the unrestricted and street variety, from 2020 to 2025. While Fitzgerald's inspiration came from an interview with Baltimore Ravens GM Eric DeCosta about how his team doesn't spend a lot on free agency, it's worth examining how the Broncos compare to other teams.

From 2020 to 2025, the Broncos have spent more than $194.6 million on 28 free agents who received a salary of at least $2 million. That ranks the Broncos 16th overall in terms of free-agent signings and 14th overall in terms of money spent.

Of course, 2020 and 2021 were years in which the Pat Bowlen Trust still owned the team, with 2022 the year the transition to the Walton-Penner group began. And while the Broncos did a lot in 2023 free agency, 2024 was a year when they did less.

That money spent also doesn't include what the Broncos committed to Russell Wilson in the extension he got before the 2022 season started. That was a significant sum contract, for which the Broncos took significant dead-money charges after he was released before the start of the 2024 league year.

But with all that said, it's a good thing the Broncos rank toward the middle as far as free agency activity goes. It's better to spend money on players you've either drafted and developed or on free agents who have proven themselves.

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Where the Money Has Been Spent

Dec 25, 2025; Kansas City, Missouri, USA; Denver Broncos cornerback Pat Surtain II (2) warms up before at GEHA Field at Arrowhead Stadium. | Denny Medley-Imagn Images

We can certainly look at the Broncos' 2023 free-agent haul of left guard Ben Powers, defensive end Zach Allen, and right tackle Mike McGlinchey, along with the likes of quarterback Jarrett Stidham and running back Samaje Perine, as evidence of owners who are willing to spend money in free agency.

But we can also look at the likes of cornerback Patrick Surtain II, right guard Quinn Meinerz, rush linebacker Jonathon Cooper, left tackle Garett Bolles, wide receiver Courtland Sutton, rush linebacker Nik Bonitto, and center Luke Wattenberg — all players the Broncos drafted and developed, who have received new contracts since the new owners came along.

Add the extensions for Allen, kicker Wil Lutz, and defensive tackles D.J. Jones and Malcolm Roach to the list above, and you can see the Broncos' focus on spending money is primarily on players acquired in recent seasons who have proven they should be part of the core moving forward.

Of course, free agency can still be useful, and it wouldn't be a surprise to see the Broncos make a couple of notable signings. They may not act as they did in 2023, but they could approach it like 2025, when safety Talonoa Hufanga, tight end Evan Engram, and linebacker Dre Greenlaw all got significant money.

But staying around league average in terms of free agents signed and money spent on them is a good place to be. It shows the Broncos aren't relying on free agency to build the team, but rather to fill holes as needed.