The Denver Broncos have been hitting one home run after another early on in NFL Free Agency, upgrading a roster that won 10 games with $90 million in dead cap last season. What can this team's ceiling be if they truly upgrade the roster and talent around young quarterback Bo Nix?
As Gary Kubiak used to always say, "We're fixin' to find out..."
The Broncos have made a handful of blockbuster signings in NFL Free Agency already and we don't yet know if they are done making big moves. They have been "measured" as general manager George Paton said they would be, but they've also been targeted and aggressive. Let's take a look at all of this team's big out-of-house free agent signings so far and slap some arbitrary grades on each move.
Broncos NFL Free Agency Grades for every move so far
1. Talanoa Hufanga, safety
The Broncos signed free agent safety Talanoa Hufanga to a three-year contract worth a total of $45 million and $20 million guaranteed. The fact that the Broncos were able to get a young player who was an All-Pro (1st-team) as recently as 2022 for only $20 million in guaranteed money is rather remarkable.
The lower guaranteed money speaks to Hufanga's recent injury history. He missed 10 games last season and seven games the year before that, so the Broncos are obviously taking a calculated risk here. When he's on the field, Hufanga's impact is undeniable. He not only plays with infectious energy, but he's so instinctive that he almost shrinks the field for the opposing offense.
He can play in coverage, of course, but Hufanga also will help tremendously in the run game. As often as NFL teams play two-high safeties in today's NFL, Hufanga's ability to come from a deep safety position and take good run angles will be very welcomed in the Denver Broncos' defense.
Overall, there's not much to dislike about this signing. You're paying market value for a good young player who has already been named an All-Pro on his rookie contract. Former All-Pro players who are still in their mid-20s don't come available all that often. The only reason this move doesn't get an A-plus is because of Hufanga's injury history, but the Broncos certainly found ways to mitigate that risk.
Grade: A
2. Dre Greenlaw, linebacker
One of the top position groups the Denver Broncos absolutely had to attack in NFL Free Agency was the off-ball linebacker position, where they might have had multiple jobs open before the start of the offseason. Things didn't exactly get off to the greatest start when Zack Baun and Nick Bolton came off the board before free agency even began.
They still ended up getting one of the top players on the market in Dre Greenlaw, who signed a three-year deal worth $35 million. At the time of this post being written, the guaranteed money on his contract is not known, which is probably a sign that it's a lower guarantee. And again, the reasoning for that is justified. Greenlaw missed most of last season due to an Achilles injury suffered in the Super Bowl against the Chiefs two seasons ago.
As with any free agent acquisition, the hope is obviously to keep the guys on the field. Greenlaw is a big-time playmaker and enforcer when he's on the field and he's outstanding in coverage. The Broncos instantly got better in the middle of the field with both the addition of Greenlaw as well as Hufanga.
The Greenlaw addition may be the most "felt" defensively because of how much of an upgrade he is over what the Broncos previously had. Again, this grade would probably be an A-plus if Greenlaw had a clean bill of health. And if that was the case, the Broncos probably wouldn't have landed him at such a bargain price...
Grade: A
3. Evan Engram, tight end/Joker
People seem to be getting "Joker" fatigue in Broncos Country and I can't figure out why. It might be a topic that is being discussed ad nauseam these days, but Sean Payton having a Joker for his offense is a game-changer.
The Broncos paid him accordingly, beating their division rivals (the Chargers) in the process, giving Engram a two-year deal worth $23 million in total money with $16.5 million guaranteed. And the impact that Engram is capable of making for young quarterback Bo Nix absolutely cannot be overstated.
This is a masterclass in the art of making the right short-term deals in the NFL. Engram is a high-volume target who has the second-most receptions in a single season for a tight end in NFL history (114 in 2023). He's a dynamic weapon at the catch point, after the catch, and over the middle of the field. And Sean Payton is going to deploy him as a "Joker" in his offense, which is a running back or tight end with exceptional abilities in the passing game.
Engram fits the requirements.
The Broncos were led last year by Adam Trautman among their tight ends with 188 receiving yards. Lucas Krull led the tight end position with 19 receptions. An upgrade was necessary and Engram is a major one. Considering the value of the deal, beating a division rival to sign a guy, and filling your top offseason must-have, this deal couldn't be better.
Grade: A+
4. Trent Sherfield, wide receiver/special teams
The final free agent signing for the Denver Broncos (as of right now) of outside players is wide receiver Trent Sherfield, a veteran who has a lot of experience on special teams.
Sherfield was signed to a two-year contract worth $6 million that can rise to $8 million, and he will be replacing the departed Tremon Smith as Denver's top special teams ace. Considering the Broncos tried to re-sign Smith first, this signing already gets knocked down at least a half-grade (if that's a thing).
Sherfield plays a lot of special teams but not quite as much as Tremon Smith. It's clear that the Broncos felt very comfortable with him in that regard based on how much they are paying him. Given how Sherfield has played a good amount of receiver in his career as well, he's also a much more valuable all-around roster piece compared to Tremon Smith, who couldn't play cornerback even in the back half of preseason games.
Sherfield isn't much of a needle-mover on paper, but he's going to add value to the team for a reasonable price.
Grade: B
Overall Broncos free agency thoughts
As Broncos GM George Paton stated multiple times this offseason, the team was always going to be "measured" and aggressive in spots in NFL Free Agency. They attacked primary positions of need and have plenty of flexibility going into the 2025 NFL Draft.
They did a good job of taking calculated risks on younger guys who can be part of the core of the team as opposed to just quick fixes. These signings definitely upgrade the team on paper and give the Broncos a really good-looking roster with the meat of the offseason still remaining.