The Denver Broncos thought they had returned to Super Bowl contention when they traded for future Hall of Fame quarterback Russell Wilson two years ago, but it didn’t exactly work out.

They released Wilson recently, and thus they’re seemingly back to where they were when the legendary Peyton Manning retired after winning Super Bowl 50.

The Broncos will have the No. 12 pick in this year’s NFL Draft, and per Jaime Eisner, they’re the favorites to draft QB Bo Nix from the University of Oregon.

The Denver Broncos are now the odds-on favorites to draft Oregon QB Bo Nix:

Broncos (-135)
Giants (+550)
Raiders (+650)
Vikings (+650)
Saints (11/1)
Patriots (11/1)
Rams (25/1)#NFLDraft | #BroncosCountry | @FDSportsbook pic.twitter.com/XKLlF91ncF

— Jaime Eisner (@JaimeEisner) April 1, 2024

Nix is one of a number of intriguing and potential-rich quarterback prospects in this year’s draft, and while he isn’t quite on the top tier along with Caleb Williams, Jayden Daniels, and Drake Maye, he could turn out to be a good one himself.

He threw for 4,508 yards and 45 touchdowns with just three interceptions while completing an amazing 77.4 percent of his pass attempts last season.

His completion percentage in 2023 ended up breaking Mac Jones’ record for the NCAA’s highest-ever completion percentage.

In Oregon’s blowout win in the Fiesta Bowl over Liberty University, Nix had 363 passing yards and five passing touchdowns while completing 28 of his 35 pass attempts.

Even if they draft Nix and he turns out to be the real deal, Denver would still be far away from title contention.

They lack reliable playmakers at the wide receiver and running back positions, and their defense needs lots of help after ranking near the bottom of the NFL in several categories in 2023.

It may be time for them to embrace a long-term rebuilding project, something they should’ve done two years ago instead of trading three rotation players and five draft picks for the aging Wilson.

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