The Denver Broncos have not added a single player from outside the organization in NFL Free Agency (yet), but they have certainly been active.
The Broncos, at last count, had re-signed 17 of their own players, out of 21 free agents overall. And two of those other players have signed with other teams (John Franklin-Myers, PJ Locke). The Broncos still have plenty of needs to address, but they have brought the band back with 71 of their 90 roster spots already filled.
Who are the biggest "winners" and most unfortunate "losers" so far for the team in free agency?
Broncos' biggest winner of NFL Free Agency is JK Dobbins (so far)
Broncos winner: JK Dobbins, running back
There is absolutely no question that one of the biggest winners of NFL Free Agency so far, at least for the Denver Broncos, is running back JK Dobbins.
Dobbins was outstanding for the Broncos in 10 games last season, running for 772 yards and four touchdowns at 5.0 yards per carry. Dobbins was explosive last season, he broke a lot of tackles, and he was the team's most effective offensive player outside of Bo Nix. Those facts cannot be disputed, although many in Broncos Country are concerned about Dobbins's injury history (understandably so).
So why is Dobbins a winner? Well, even coming off of a season-ending injury, the team has put a lot of faith in him. He signed a two-year deal worth $16 million in total money, a $4 million signing bonus, and $8 million guaranteed. There are also incentives in his contract that can take the total money up to $20 million.
On top of just the financials, Dobbins obviously is getting an opportunity to be the Broncos' unquesionted RB1 in tandem with RJ Harvey.
Broncos loser: Dre Greenlaw, linebacker
We've got to qualify this one, because Dre Greenlaw quickly landed on his feet. But after just one year in Denver, and entering the second year of a three-year contract, the Broncos sent a very clear message that they were not happy with the return on investment they got from Greenlaw.
The Broncos owed Greenlaw a salary of around $6 million this coming season, but they decided to take over $8 million in future cap savings by making him a post-June 1 roster cut. All that means is that the Broncos won't save the cap space from cutting Greenlaw until after June 1, but he's already a member of the 49ers, who paid him $7.5 million on a one-year contract.
The Broncos said Greenlaw wasn't worth $6 million, but the 49ers paid him $7.5 million. Yikes.
You'd think that makes Greenlaw a "winner", the fact that he gets to return to a familiar situation with the 49ers and on a bigger salary, but the fact of the matter is, he proved to be a free agent bust, and there's no other way around it.
Not only that, but he burned some bridges on the way out by calling out Sean Payton and the practice schedule he puts together on a weekly basis. He also compared learning Vance Joseph's defense to Spanish.
Broncos winner(s): Eyioma Uwazurike & Sai'vion Jones
The Broncos lost defensive lineman John Franklin-Myers to the Tennessee Titans on a big-money contract worth $63 million over three years and $42 million in guaranteed cash. It's a massive pay day for JFM, and well-deserved after the way he produced for the Broncos the past two seasons.
However, Franklin-Myers played just 46 percent of the defensive snaps for the Broncos last season. We know Vance Joseph rotates his defensive linemen a ton, and the Broncos flexed their depth by essentially trading Franklin-Myers for a future 4th-round compensatory selection.
With Franklin-Myers leaving Denver, it opens up a bigger role in 2026 for players like Eyioma Uwazurike and Sai'vion Jones. And perhaps the bigger winner out of those two would be Uwazurike, who is also entering a contract year in 2026.
The Broncos actually lucked out in this scenario, because the only reason they didn't have to re-sign Uwazurike this offseason is due to a year-long suspension he received from the NFL for gambling a few years back. Remember, Uwazurike was projected as a starter in 2023 before the surprise news of his suspension came through.
And now, he's back in the mix. You might even be surprised to learn that Uwazurike already played over 400 snaps last season, and 36.4 percent of Denver's defensive snaps overall. And he played well. The Broncos are clearly banking on more from Uwazurike, but Sai'vion Jones is also waiting in the wings after the team traded up to get him in last year's draft. That's easily forgotten.
Broncos loser: (Maybe) Riley Moss, cornerback
The Broncos slapped a 2nd-round tender on restricted free agent Ja'Quan McMillian this offseason, worth just over $5.76 million. It's a really reasonable price for a player of McMillian's caliber, especially after the clutch play he made in the AFC Divisional Round, but it also serves as a bit of a placeholder for the extension he could get at some point in the future.
McMillian is considered a "core" player by Broncos GM George Paton, and because he's a mainstay in the slot, it raises question marks about the other cornerbacks on the roster. Specifically, after a two-year sample size, you have to wonder if 2023 third-round pick Riley Moss is now very much on the bubble of the starting lineup.
Moss has made a ton of plays over the last two seasons, but he's also given up a lot and has a lot of penalties. That's a byproduct of being targeted as much as he is, but the Broncos could look at the two-year sample as every reason they need to let 2025 first-round pick Jahdae Barron take Moss's job in 2026.
They'll make Barron earn it, but Vance Joseph said in an interview with Peter Schrager last season that the team's vision for Barron was on the outside, and we caught a glimpse of it last year when Pat Surtain was out with injury. It would not be surprising if the result of McMillian coming back was that Riley Moss ended up losing his job on the outside to Jahdae Barron. Let the games begin.
Broncos winner: Alex Palczewski, offensive line
One of the most underrated moves of the Broncos' free agency period so far is re-signing restricted free agent Alex Palczewski to a two-year contract. Palczewski, known as "Palcho", has been one of the team's most valuable reserve offensive linemen in the past couple of seasons.
He's started in place of the injured Mike McGlinchey, and he's also started in place of the injured Ben Powers. The Broncos have also used him as the "reporting eligible" offensive lineman in their jumbo packages, though he's yet to receive a target in the passing game like we saw for Frank Crum in the playoffs.
Palczewski's return itself is massive, but the fact that he's coming back on a two-year deal means he could be in line for a starting gig in 2027. There are contract situations upcoming for both Ben Powers and Mike McGlinchey, so this move may mean more than anyone realizes.
To Be Determined: Sean Payton & George Paton
I've absolutely been one of the biggest critics of the approach to the offseason for the Denver Broncos in 2026. On the one hand, the perception of many in the fan base is the reality: The Broncos have not done enough to support and surround quarterback Bo Nix with talent. They are "running it back" with a roster that made it all the way to the AFC Championship Game, but Sean Payton is the one who constantly preaches that you don't build on the previous season; You reshuffle the deck or reset the game board every year.
It's also true that the Broncos' retention rate right now is unprecedented, so we have no idea how big of an asset this level of continuity can truly be.
It's simultaneously fascinating that the Broncos are going to be able to have such ridiculous continuity, and still frustrating that they aren't adding impact players to such a great roster overall.
It's not exactly been a "conservative" offseason of spending. Not every move has been popular, but not every move has been bad, either. The decision to sit out free agency when they didn't love the class is understandable, but the idea of not adding any impact players to this roster is terrifying, given how close the team is to a Super Bowl.