Why the Broncos Held Back This Offseason, per George Paton

The Denver Broncos' conservative approach to 2026 free agency seemed motivated by two factors: very few roster needs and the compensatory draft pick formula.

The Broncos re-signed 17 of their own free agents but only signed one outside guy — former Cincinnati Bengals safety Tycen Anderson. Meanwhile, they lost defensive lineman John Franklin-Myers and safety P.J. Locke in free agency, but that was always the plan because the Broncos knew they'd be getting 2027 comp picks back for each of them.

The Broncos did orchestrate a blockbuster trade with Miami for wide receiver Jaylen Waddle, but we're talking about a team that came within inches of the Super Bowl only making two outside additions this offseason, while losing three defensive starters from the playoffs (counting the release of linebacker Dre Greenlaw).

It was nice to see the Broncos swing big for Waddle, but it should distract from the extremely unconventional approach to this offseason that GM George Paton has taken. Like, he's way off the beaten path, and it's not like the Broncos have lacked cap space.

Comp Pick Formula Played a Big Role

It turns out that the comp formula has played a much bigger role in the Broncos' conservatism than perhaps anyone expected. We may have surmised it, but now we know.

Payton admitted at the NFL owners' meetings that the comp pick formula "does" play a role in the Broncos' decision-making, then tried to walk it back somewhat.

“It does. It doesn’t dictate kind of what we’re doing, but we obviously know it’s there," Paton said on March 30. "We have two compensatory picks this year. Mr. Irrelevant… and we have Mr. Irrelevant runner up. So it’s going to be cool…"

Why are the Broncos sacrificing the potential of building the roster this year in order to guarantee those two comp picks next year? It's hard to say for sure, but the 2027 draft class is widely viewed as being much deeper with talent than this year's.

"Then next year, we should get the [fourth-round pick] and then maybe a seven," Paton said. "That’s what you want to get to. It took us a while to get here, where we can get compensatory picks. You see other teams do it, and I like that we’re doing it.”

As Paton said, the Broncos will be making two seventh-round draft picks this year via the compensatory formula. Without those two picks, the Broncos would have only five selections in this class.

Late-Round Success Stories

Paton has found some success with later-round draft picks as Broncos GM. In the seventh round, he drafted starting rush linebacker Jonathon Cooper in 2021. Cooper is now on his second contract with the Broncos.

In 2024, Paton drafted wide receiver Devaughn Vele in Round 7, who became a starter as a rookie. The following summer, Paton flipped Vele to the New Orleans Saints in exchange for a seventh-rounder (got it back) and a fourth-round pick.

“All of those picks are important," Paton said.

The Long Game

We won't know for some time yet whether Denver's long-game strategy of making almost no March and April free-agent moves will pay dividends in 2027 and beyond.

Meanwhile, the 2026 NFL draft kicks off on April 23. The Broncos have already made their first and third-round picks this year: Waddle.

After the draft, the Broncos will have the freedom to sign free agents without having to worry about offsetting their 2027 comp-pick formula. There are a few intriguing names still out there, like defensive lineman Cameron Jordan and tight end David Njoku, but whether the Broncos make any post-draft free-agent additions remains to be seen.

Suffice it to say, I have my doubts. Those doubts will be further deepened if the Broncos draft a defensive lineman and/or a tight end later this month.

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