Jaylen Waddle Trade Shows Broncos Are Playing the Long Game With Draft Picks

The Broncos punctuated what had been a very sluggish start to the offseason by dealing a first-round selection to Miami as part of a package to land receiver Jaylen Waddle, a move that other front offices see as entirely in keeping with Denver’s over-arching organizational ethos.

The Broncos have not added any players or salary of note via the first waves of unrestricted free agency, surprising for a team that sniffed the Super Bowl a year ago and nearly won the AFC Championship Game despite having to start a back-up quarterback. 

Normally such teams would be seeking a blue-chip veteran signee to put them over the top, but the Broncos were basically conscientious objectors to this free-agency period. 

While one top agent suggested perhaps that’s because the Broncos front office has had issues finding common ground in their relationships with player representatives, rival executives have a very different explanation.

“Denver is playing the 2027 compensatory pick game, that’s their strategy,” said a high-ranking official from another NFL team. 

“They want to stockpile pick. They let John Franklin-Myers walk and PJ Locke. That’s a four (projected fourth-round pick) and a seven.”

One general manager said: “You would think they’d be more aggressive after (significantly improving) the last two years, and with (quarterback) Bo Nix still on his rookie contract, but they want the comp picks.”

NFL teams get an opportunity to be awarded with future draft picks if they lose more quality and quantity of free agents than they sign. 

Baltimore and New England have been teams married to that system for years, and this offseason Denver and Jacksonville are being identified as zealots to the formula. 

Why Waddle?

Waddle, a fixed cost on an existing contract, doesn’t count against the comp-pick formula since he went via trade. With Denver picking so deep in the first round, head coach Sean Payton clearly preferred an established receiver over a college prospect, and the Broncos clearly want to add more speed and agility to an offense that did not exactly take a major leap forward in 2025. 

“They needed juice downfield at receiver,” the first exec said. “They paid a big price, but I’d rather have Waddle on his deal ($17M guaranteed in 2026 and $15.2M for 2027) than what the Colts paid to keep (receiver Alec) Pierce.”

In addition to its first-round pick, the Broncos parted with a third-round pick and fourth-round pick this year for Waddle. They are banking on the loss of those mid-round picks being offset by the additional comp picks they’ll be receiving in 2027.