Grading Broncos' 2023 Free-Agent Signings After Year 1

Did the Denver Broncos make good contractual decisions in Year 1 under Sean Payton?

The Denver Broncos were active in free agency in the 2023 offseason, signing nine players to deals at least two years in length and several to significant sums.

Today, I’m going to revisit the contract grades I gave for the multi-year deals and compare them to how I would grade their return on investment with one season in the books.

Keep in mind that a low contract grade doesn’t necessarily mean the player himself is bad. Rather, it indicates that the player got paid more than he is worth. 

Similarly, a player with a good contract grade isn’t necessarily a top player, but rather one who gave a good return on investment.

Ben Powers | OG

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Original grade: B+

After one season: C+

Powers signed a four-year, $52 million contract and got $15M in the first year of the deal. His Over the Cap valuation sits at less than $6M.

This made the deal an overpay based on his first season. Powers has beeninconsistent throughout Year 1, though he did have several quality games.

The reality was that the guard market got inflated, likely because of the massive five-year, $100M deal the Atlanta Falcons gave to Chris Lindstrom (who also didn’t live up to his deal). We’ll see if Powers can play better next season, but he does need more consistent play to justify this contract.

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Mike McGlinchey | OT

Denny Medley-USA TODAY Sports

Original grade: C+

After one season: C-

McGlinchey was made one of the highest-paid right tackles, getting a five-year, $87.5M contract. He got $20M in the first year of the deal, and his OTC valuation was $8.6M with one week left in the season.

McGlinchey is another example of a right tackle who the Broncos overpaid in free agency. With that said, McGlinchey wasn’t as bad as the likes of Ja’Wuan James and Menelik Watson.

Still, the fact McGlinchey got paid a lot makes this contract a bad value. It was a theme in the NFL among most right tackles — one can also look at AFC West rival Kansas City, who didn’t get enough out of the contract that the team gave to Jawaan Taylor.

Zach Allen | DL

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Original grade: B+

After one season: B+

Allen received a three-year, $45.75M contract with $17.25M in first-year money. He has an OTC valuation of $14.7M with one week left in the season.

Allen turned out to be one of the better free-agent signings the Broncos made. While his stats may not jump out and grab you, he was a consistent performer for much of the season. He certainly delivered more on his deal than other interior defenders who got paid big money in free agency.

The Broncos will need plenty of upgrades on the defensive line, but they at least know that Allen will be a good player to build the D-line around.

Jarrett Stidham | QB

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Original grade: D

After one season: C-

Stidham has only played one week of the 2023 season and has an OTC valuation of $1.7M. Because he hasn’t played much, it’s hard to get a good representation of his actual value to the team.

Still, when the Broncos gave him this contract, I was not a fan, given that he had barely any starting experience yet still got a two-year deal at a higher price point than some other backups with more starts. Compare his deal to that of Gardner Minshew, for example.

But given that the Broncos are likely to part ways with Russell Wilson after the season, Stidham will be back in 2024 and finish out the two-year, $10M deal he received. We’ll see what he does next season.

Alex Singleton | LB

Isaiah J. Downing-USA TODAY Sports

Original grade: B+

After one season: B+

Singleton got a three-year, $18M contract with $6M in first-year money and has an OTC valuation of about $6.8M with one week left to play.

While Singleton didn’t quite reach the level of play he demonstrated in 2022, the Broncos got pretty much what should be expected from the type of deal he received.

The only question about Singleton is who he will be paired with in the starting linebacker tandem because teammate Josey Jewell will be a free agent in 2024.

Samaje Perine | RB

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Original grade: A-

After one season: B+

Perine signed a two-year, $7.5M contract with $4.5M paid out in the first year. His $3M signing bonus was the only money fully guaranteed upon signing.

Though his OTC valuation came in at about $2.5M, this was still a good contract for the Broncos. They could get out of the deal after this season without owing Perine any more money.

But Perine did bring value as a pass protector and some quality minutes in spelling Javonte Williams and Jaleel McLaughlin. While not quite a good value deal, it was still a reasonable deal.

Chris Manhertz | TE

Gregory Fisher-USA TODAY Sports

Original grade: B+

After one season: B+

Manhertz signed for two years at $6M with $3.34M fully guaranteed. He has just $500K in guaranteed money remaining on his deal.

At an OTC valuation of about $2.7M, the deal for Manhertz was reasonable. The Broncos could release him to save $2.15M in cap space, but he has proven to be a player worth keeping.

Tremon Smith | CB/KR

Denny Medley-USA TODAY Sports

Original grade: B+

After one season: B

When Smith was signed, the expectation was that he would be valuable on special teams. He did prove his worth there, but perhaps not in the ways some may have expected.

Smith got a two-year, $5M contract with $2.5M fully guaranteed. At an OTC valuation of about $1.9M, he delivered about as expected. The only issue with him is he’s not somebody who should play a lot of defensive snaps.

Riley Dixon | P

Isaiah J. Downing-USA TODAY Sports

Original grade: A-

After one season: A

Riley Dixon, who was originally drafted by the Broncos in 2016 in the seventh round, came back to the Mile High City on a two-year, $3.5M deal with just $1M fully guaranteed upon signing.

All things considered, this turned out to be a quality deal for the Broncos. Dixon had an OTC valuation of about $2.1M and was good for the most part. While he does have room for improvement, the Broncos got decent value out of his contract.

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