Broncos learned from ‘measured approach’ to 2024 free agency
Jan 17, 2025, 3:22 AM | Updated: 3:22 am
ENGLEWOOD, Colo. — As Greg Penner steers the Denver Broncos, he already knows that each offseason is as distinct as each regular season. Just as no two campaigns are the same, the same can be said for the six months that fills up with free agency, the draft and OTAs.
Offseason No. 1 as Broncos CEO saw the Broncos hit the free-agent market with aggression, leading the league in spending. There was method to the madness; the Broncos had myriad needs and didn’t have a first- or second-round draft choice thanks to the Sean Payton and Russell Wilson trades.
It wasn’t what Penner necessarily desired long-term, but it suited the moment.
“You saw us after our first season. We really felt like we had to do some things immediately in free agency to shore up both our offensive line and defensive line,” he said.
The results were signings that included right tackle Mike McGlinchey, left guard Ben Powers and defensive end Zach Allen. All three did exactly what Penner hoped, fortifying those spots as Payton built from the inside out.
A year later, the Wilson trade continued to echo — but in the $53 million crater in the salary cap left by the decision to release the maligned quarterback after two unsuccessful seasons. The limited cap resources forced the Broncos be more intentional in their signings.
“Last year, we were more constrained. It was a measured approach, and that served us well,” Penner said.
Indeed, the Broncos focused on their run defense, with additions such as Malcolm Roach, John Franklin-Myers and safety Brandon Jones. Of those three, only Franklin-Myers was a full-time starter with his previous team. All played crucial roles.
“In terms of managing through the salary cap and a big dead-cap hit this year, it was challenging, but I think it forced us to be really sharp in our decision making,” Penner said.
The Broncos wouldn’t have returned to the postseason without the sum total of their moves in the previous two free-agency periods. On the watch of Penner, Payton and George Paton as a triumvirate, the club is 2-for-2.
It would seem like the Broncos’ approach would be somewhere in between the last two offseasons. They have a projected $45.2 million of cap space, per OvertheCap. But they’ve already done much of their shopping the last six months in re-signing right guard Quinn Meinerz, cornerback Pat Surtain II, edge rusher Jonathon Cooper and left tackle Garett Bolles.
“Our needs are different,” Penner said. “We have a young nucleus and a great, great quarterback to build around.”
Identifying and securing that nucleus was a key tenet of the off-field work in the 2024 season.
“We haven’t set yet what our approach to free agency will be,” Penner added, “but if it’s appropriate, we’ll be aggressive, but I’m not sure that we’ll need to do that.”
The Broncos’ dead-money figure currently stands at a reasonable $32.45 million. They have enough space to be dangerous, but enough filled roster spots to be prudent. Further, with other contracts potentially looming over the horizon — such as extensions for Allen and edge rusher Nik Bonitto, and perhaps an extension and restructure for wide receiver Courtland Sutton — the Broncos must remain in position to take care of their own, rewarding the “develop” part of a draft-and-develop plan that remains the ideal path to sustained success.
And unlike 2023 and 2024, the Broncos have their full complement of Day 1 and Day 2 picks.
“We’ve got pretty much all of our draft picks,” Penner said, “and so I think we’re in a good position to have a great offseason.”
If it’s as good as the last two, a 10-7 wild-card finish should be just the beginning.
Broncos co-owner and CEO Greg Penner, on his team's plan for free agency this year: "We haven't set yet what our approach to free agency will be, but if it's appropriate, we'll be aggressive, but I'm not sure that we'll need to do that." pic.twitter.com/lIk2KzZsE6
— Andrew Mason (@MaseDenver) January 17, 2025