As Sean Payton enters his fourth year as head coach of the Broncos, he’ll have something he’s yet to have in Denver.
A top-flight, clear-cut, No. 1 receiver who can become the centerpiece of the passing game.
Payton last had that in Michael Thomas, who had a historic stretch from 2017 through 2019 as the player Payton routinely schemed open, and who would catch accurate passes thrown to him by Hall of Fame quarterback Drew Brees.
Thomas had 104 catches in 2017 and 125 in 2018. In 2019, he set a single-season record with 149 receptions.
Waddle had 104 catches as a rookie in 2021, the last year before Tyreek Hill showed up. Even with Hill as WR1, Waddle had a pair of 1,000-yard seasons.
Courtland Sutton has had a pair of 1,000-yard seasons in 2024 and 2025, under Payton. But the Broncos and Payton still needed a true No. 1 option in the passing game.
Which explains the decision to give up a first-round pick and a third-round pick for Waddle. (The Broncos and Dolphins also flipped fourth-round picks.)
Waddle’s contract is also very attractive. The Broncos will pay him only $17.24 million this year, well below the current top of the market.
Our guess, as explained during Wednesday’s PFT Live, is that the Broncos will sit tight on his deal for 2026, with a wink-nod that if he delivers this season they’ll adjust the deal in 2027, when he’ll be 28 and entering his seventh season.
For a team that won the top seed in 2025, they’re not standing pat. They’re addressing their weaknesses while retaining their strengths. At a time when plenty of other AFC contenders are in flux, the Broncos could be in position to finish the job in 2026.
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