Broncos have spent the most money in free agency so far, and it’s not close
Having the richest owners in the NFL has its benefits.
The Walton-Penner Family Ownership Group (WPFOG) is worth around $60 billion, and they’re not afraid to spend that cash.
No, the Broncos are not a toy for Robson Walton, his daughter Carrie Walton-Penner and his son-in-law Greg Penner. They’re serious about making this thing work and winning football games. We’ve told you about the team’s spending spree in free agency all week, and now some of the numbers are rolling in.
104.3 The Fan / 9NEWS Broncos insider Mike Klis took to Spotrac, a popular website that keeps track of finances for sports teams, and the numbers are eye-popping.
Greg Penner did his part:
Total spending 2023 free-agency (per Spotrac).
Broncos not only No. 1 but 33% more than No. 2:
Team …….. Total value
1. Broncos … $235.1M
2. Saints …… $177.0M
3. Falcons … $171.4M
4. Bears ……. $157.4M
5. Raiders … $134.9M#9sports
— Mike Klis (@mikeklis) March 17, 2023
Out of that $235.1 million in contracts the Broncos have given out this week, more than $130 million of it is guaranteed. A lot of the deals are structured with big bonuses up front to help circumvent the salary cap, so there’s certainly some creative accounting going on. But it’s working for Denver. According to Spotrac, the Broncos still have about $8.5 million in cap space.
Yes, they’ll have to pay the rookies they draft, but there’s still room for another deal or two. And if they can trade someone like Courtland Sutton, who’s been mentioned in rumors, that could free up even more cap space.
The fact the Broncos are spending more than the rest of the NFL is awesome. And it’s by a significant chunk, as Klis points out. This is what we all hoped for when the WPFOG bought the team, and money hasn’t been an issue thus far.
Next up? The play on the field must improve, and these free agents should help.