ENGLEWOOD, Colo. -- Denver Broncos coach Sean Payton has said he was careful about where he returned to coaching before the 2023 season, that it had to be "the right situation, from the top down, from ownership on down." On Thursday, his choice was reaffirmed as he signed a new five-year contract.
Payton, who was set to enter the fourth season of his original contract, had two years left on that deal. This five-year deal replaces that one and will now run through the 2030 season. It also matches him with the five-year deal general manager George Paton signed in May that also runs through the 2030 season.
"It makes all the sense in the world, I'm super appreciative of that opportunity,'' Payton said after Thursday's OTA practice. "... That triangle of ownership, the Walton-Penner group, Greg and Carrie [Penner], working with George, I've been spoiled because I had a real good experience in New Orleans ... to go two-for-two in that is hard in our league ... I'm thankful they want me back.''
Payton said talks on the new contract began in earnest right after Paton had signed his contract. Specific terms of the deal were not released, but Payton was believed by many in the league to already be one of the highest-paid coaches in the NFL under the terms of his original contract.
The Broncos are 32-19 in Payton's three seasons and finished tied for the league's best record last season, at 14-3, and advanced to the AFC Championship Game before they lost 10-7 to the New England Patriots in a game that starting quarterback Bo Nix missed with a fractured right ankle.
The Broncos had missed the playoffs in each of the seven seasons before Payton was hired.
"Sean Payton has led an impressive turnaround over the past three seasons, instilling a winning culture with high expectations,'' Broncos owner/CEO Greg Penner said in a statement. "I appreciate the close partnership he shares with George Paton along with the alignment and stability across our football operations. We're thrilled for Sean to continue leading our team as head coach, building on our progress during such an exciting time for the Broncos.''
Stability has been a hallmark of the Broncos' offseason. In free agency the team elected to re-sign 17 of the 21 players who were scheduled to be unrestricted, restricted or exclusive rights free agents. They return virtually every starter from last year's team with the biggest addition having been the trade for wide receiver Jaylen Waddle.
Payton was asked Thursday if he had thought about how much longer he wanted to continue in the job.
"Well, five years,'' Payton said with a smile. "Most importantly aligning with George ... But I haven't given any thought to the end game, I've got a lot of juice left and enjoy what we're doing.''
The Broncos are set to open a new $172 million, team complex later this month and Payton has often referred to the resources the Walton-Penner ownership group has as the NFL's wealthiest.
Denver traded a 2023 first-round pick and 2024 second-round pick to the New Orleans Saints in 2023 in order to hire Payton. Denver also received a 2024 third-round pick in that trade.
Payton had stepped away from the Saints after the 2021 season after he had led New Orleans to a 152-89 record during his tenure as coach. The trade had to be made because Payton had signed a contract extension with the Saints in 2019 that was set to run through the 2024 season, so the Saints still held his rights when the Broncos wanted to hire him.
He spent the 2022 season as an analyst for Fox Sports. Payton was named the NFL's Coach of the Year in 2006, and at the end of the 2009 season he guided the Saints to the franchise's only Super Bowl win.