Before Greg Penner became owner and CEO of the Broncos, he attended a few Los Angeles Rams games.
One of the questions that popped into his mind: Why does Stan Kroenke sit in a private area?
After 29 months in charge of the Broncos, he no longer wonders.
“I thought, ‘That’s crazy, Stan. Really antisocial,’” Penner said. “Now, I get it.”
A few days after his Broncos were eliminated in their first playoff appearance since 2015, Penner sat in his office for a one-on-one interview with The Denver Post.
His answers painted a picture of Penner and his wife and owner Carrie Walton Penner, as fully invested in the Broncos’ success — both on the field and off.
This season was a start, nothing else.
“It was really exciting for us. Part of it was for our fans. Seeing the product we were putting on the field and our fans were still supporting us (the first two seasons). We just felt like we owed them. We had to get this franchise back on track,” Penner said. “But, we are in no way satisfied. Our expectations are just as high as theirs are and that’s to compete for championships every year. That’s our goal.”
When the Walton-Penner ownership group took control in August of 2022, the Broncos were a mess. After three decades of dominance, Denver had become a doormat, a carousel of coaches and quarterbacks turning its roster into the island of misfit toys.
Penner fired Nathaniel Hackett with two games remaining in the 2022 season, the first visible example of the importance he placed on accountability. He hired Sean Payton a few weeks later to create a winning culture. The Broncos made progress in 2023 but finished 8-9.
Payton wanted to move on from Russell Wilson, which required taking an $85 million dead cap hit. Penner approved Wilson’s contract extension before the 2022 season, but rather than double down and tell Payton to figure it out, he agreed with the coach. It was a decision that set in motion a new approach that re-energized the franchise.
“That was part of holding ourselves accountable. That didn’t turn out the way we expected. So we could keep hoping that it would have a different outcome, but it wasn’t going to,” Penner said. “My view is that when you know something is not working, you bite the bullet. And that was Sean’s perspective as well. We married it up. So we got some young talent in here and built around them.”
There have been touchstone moments in the U-turn, but none bigger than Payton selecting Bo Nix in the first round of the draft.
Nix started every game of his rookie season, delivering 29 touchdowns with only 12 interceptions while earning his teammates’ respect with his work ethic. Nix, Penner explained, is already looking forward to talking with Drew Brees and Peyton Manning this offseason as he aims to improve in Payton’s offense.
The relationship between Payton and Nix ranks among Penner’s top reasons to believe in the Broncos moving forward.
“We have got the perfect alignment, thinking about the four pieces: ownership, coach, GM, quarterback. Specifically with Sean and Bo, they are perfect complements, which is they are both incredibly competitive, strong-willed, football junkies. But at the same time, they are very supportive of each other,” Penner said.
“Sean did a great job of bringing Bo along with a sense of confidence of, ‘We believe in you,’ while still holding him accountable. There was the one moment on the sideline where it was clear Bo was going to push back. And that was great to see his confidence. I couldn’t be more optimistic.”
Payton and general manager George Paton have also found a fit. There was doubt it would work when Payton took over as coach given the control he exerts. They both report to Penner. His business acumen, it can be argued, has made them both better.
“One, they have a lot of experience, so there’s mutual respect. Two, they balance each other out really well. George is even keel, steady, Sean is more volatile, and in a very passionate, great way because he cares so deeply,” Penner said. “The third piece I would add with the coach and GM relationship is ownership and how I am involved with the two of them.”
As owners, Greg and Carrie remain visible at the facility. It’s not because they get an employee discount in the cafeteria. As empty-nesters, this was always the plan. When they take over a project, they are hands-on. Players have indicated that it has made a difference.
“We saw that from Day 1 that the organization was thirsting for that with Pat (Bowlen) being sick for so long. It was clear there was a need there and so for both of us it is important to be present and show support but also ask hard questions. Press when things are not going well, asking ‘Why not?’ We think we can get much better. We can’t just stay where we are,” Penner explained.
“We have this roster and a lot of young pieces, but are we making the hard decisions? Do we have the right staff in all of our areas, are we giving the right support and technology? We will be asking these questions 10 years from now. We will win a Super Bowl, and we will be asking how we can get better to win the next one. That will be a constant.”
Penner, if you haven’t noticed, is not one to let tradition stand in the way of progress. Drawing on past experiences can be useful, but not as important as being nimble and adapting when necessary.
“We faced this challenge with Walmart. You have this incredible history. You don’t want to lose it. But what you don’t want to do is get stuck in actions that you are taking that aren’t working and saying we are going to keep doing those because that’s the way we have always done it,” Penner said. “Usually it’s not the way you have always done it. It might have been the way you have done it for the last five years or 10 years. But it wasn’t the way you did it in the 1990s. I can’t stand that.”
By taking a strong lead with the franchise just two seasons in, the Walton-Penner ownership group has already started to get back to what once worked in Broncos Country.
The resources are in place. The belief is back.
But that doesn’t keep the nerves from taking over on game day — and, perhaps, creating a need for a little privacy.
“It is the most stressful because there is absolutely nothing I can do,” Penner said. “To be a competitor and not be able to impact the outcome in real-time is hard. So there are times when I can’t keep socializing. I sit with Carrie on my left and Condi (Condoleezza Rice) on my right, and we just watch the game.”
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