SI's New Power Rankings Change the Narrative on Broncos’ Offseason

The Denver Broncos are having one of the most unique offseasons in the team's recent history. More than two weeks into NFL free agency opening, the Broncos have made only one outside signing, while re-signing or tendering 17 of their own players.

After mystifying the NFL and their fans through the first week of free agency, though, the Broncos made a huge splash by trading for veteran wide receiver Jaylen Waddle, giving up first and third-round picks to the Miami Dolphins, and swapping fourth-rounders.

The Broncos still have plenty of cap space to make additional moves, but they appear to be in a holding pattern for now, with their focus perhaps shifting to April's NFL draft. The Broncos have been hyper-cognizant of the compensatory draft pick formula, ostensibly not wanting to make an outside signing that might offset the 2027 comp picks they're projected to receive for the departures of John Franklin-Myers and P.J. Locke.

So, again, this has made for a unique offseason for the Broncos, but it still leaves them in good standing in Sports Illustrated's post-free agency power rankings. Conor Orr ranked the Broncos No. 3 overall behind only the Seattle Seahawks and Los Angeles Rams, and it could help shift the narrative of this offseason.

"The Jaylen Waddle trade is an absolute ripple-maker. While I think it's fair to wonder about long-term durability and efficacy, we’ve seen how desperate Sean Payton’s offense was for the type of receiver that can make a defense pay with punishing deep-ball scores. Waddle, I’m guessing, will be among the league leaders next season in touchdowns of 20 yards or more and will help the Broncos evolve going into a critical season," Orr wrote.

Bo Nix... Get Ready

Denver Head Coach Sean Payton and Bo Nix 10 discuss a play with Davis Webb vs. the Los Angeles Chargers. — DENVER, CO - JANUARY 04: Denver Head Coach, Sean Payton and Bo Nix 10 of the Denver Broncos, discuss a play during a game between the Los Angeles Chargers and the Denver Broncos at Empower Field at Mile High in Denver, CO on January 04, 2026. | Kevin Langley / IMAGO / Icon Sportswire

Everyone is excited about the prospect of Waddle injecting some explosiveness into the Broncos' offense, an element the unit was starved of last year. Still, Bo Nix was able to lead the Broncos to the AFC championship game with one Pro Bowl receiver — Courtland Sutton — and a collection of recent draft picks, like Troy Franklin, Marvin Mims Jr., and Pat Bryant.

Now imagine how Waddle's impact might move the needle for the Broncos, and it's easy to see why people, like Orr, are excited. Cam Newton even weighed in recently, proclaiming that the Waddle trade will be the single "greatest thing" for Nix's development.

The Broncos will only go so far as Nix can take them, as evidenced by how the 2025 season ended. It's exciting and encouraging to see someone from the national press view the Broncos as a top-echelon team in the power rankings, despite the unconventional offseason.

Orr ranks the Broncos as the top team in the AFC, but we must keep power rankings within their proper context. They don't impact the standings, but the benefit to power rankings is getting a sense of how national publications view certain teams, which can indicate momentum.

Power rankings make for great offseason fodder. But Orr's ranking of the Broncos should give fans some confidence that Sean Payton and company's emphasis on keeping the band together was the right call.

The Takeaway

The Broncos' decision to run it back mostly with one big splash move is what's really being ranked here. And Orr obviously thinks it's good enough for the Broncos to pace the American Football Conference, for now. We'll see what changes after the draft.

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