Peter King reveals Sean Payton's massive new Broncos contract (NFL Rumors)

The Denver Broncos have hired former New Orleans Saints head coach Sean Payton after finalizing a massive trade. Payton replaces Nathaniel Hackett, who was fired on December 26 after just 15 games into his first season with the team.

Acquiring Payton came at a hefty price, with Denver agreeing to trade their first-round pick in 2023 as well as their second-round pick in 2024. The Broncos will also receive the Saints' third-round pick in 2024 as part of the trade.

According to NFL analyst Peter King, Payton's five-year deal will be worth at least $18 million a year, which will make him one of the highest-paid coaches in NFL history.

"For someone so unwanted as Payton, it seems funny Denver traded first- and second-round draft choices (getting a third- in return) to New Orleans for Payton, then made him one of the highest-paid coaches in NFL history, with a five-year deal worth at least $18 million a year," King said.

King added that the Broncos were interested in Jim Harbaugh and DeMeco Ryans. However, Ryans chose to go with his former team, the Houston Texans, while Harbuagh seems committed to staying at the University of Michigan.

He added:

"The Broncos once were interested in Jim Harbaugh and then Ryans—neither of whom would require draft-choice compensation, and neither of whom would cost upwards of $18 millon a year. But things change during the process of looking for a coach, so it’s wise to not speak in absolutes till it’s over."

Sean Payton's contract with Denver should make him the second-highest-paid coach in the NFL. According to profootballnetwork.com, New England Patriots head coach Bill Belichick tops the list with a $20 million salary for this season.

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The Denver Broncos will not have a first or second-round pick in the 2023 NFL draft

George Paton Oregon v Colorado

The Denver Broncos will have to make sure they nail their draft picks this year.

They will only have six total picks in the 2023 NFL Draft, and will be without their first and second-round picks. Denver traded both their original first-round and second-round picks to the Seahawks for Russell Wilson last off-season.

They acquired a first-round pick from the Miami Dolphins in return for sending Bradley Chubb to Florida, but used that pick to acquire Payton.

Payton and general manager George Paton will have a tough draft come April, but will need to nail each pick.

If you use any of the above quotes, please credit Peter King, ProFootballTalk.com, and H/T Sportskeeds