ENGLEWOOD, Colo. -- John Elway, Denver Broncos executive vice president of football operations/general manager, believes free agency is “a piece of what we do, but not everything." And the Broncos’ approach has reflected that in the past three seasons, as the Broncos ranked 12th in the league in total contract value.

Here’s a look at how those signings have panned out on the field:

Total signings: 27* (tied for 19th in NFL)

Total contract value: $236,687,236 (17th in NFL)

Three-season W-L: 33-15

Biggest hit: It's hard to make one overall selection in the last three seasons. The four major signings -- cornerback Aqib Talib, safety T.J. Ward, outside linebacker DeMarcus Ware and wide receiver Emmanuel Sanders -- have each been named to at least one Pro Bowl since they joined the Broncos, and all four started the team’s Super Bowl 50 victory. But in terms of the big picture of consistency and elite level of play, most personnel executives in the league would say Talib has played the best game in and game out during that three-season stretch for the Broncos.

Biggest miss: Offensive tackles Russell Okung and Donald Stephenson were paired as the main targets in free agency for the Broncos in 2016. Neither performed to the level of their contracts -- they tied for the team lead in penalties -- and the Broncos had season-long struggles on the offensive line. The Broncos have already elected to not pay Okung’s option bonus, so he will be a free agent. The Broncos could bring him back at a greatly reduced rate. The Broncos will discuss this week whether or not they want Stephenson on the roster on March 13, when his $4 million base salary is guaranteed.

Sneaky-good move: Defensive end Jared Crick was a quality signing in 2016 as he finished with 939 snaps on defense, tops among the Broncos’ defensive linemen. But safety Darian Stewart’s signing didn’t get much attention in 2015, and Stewart already has been signed to an extension by the Broncos. He also was named as an injury replacement in the Pro Bowl. Stewart was one of two players on the Broncos’ defense -- cornerback Chris Harris Jr. was the other -- to top 1,000 snaps this past season. Stewart tied for the team lead in interceptions.

Verdict: The 2016 free agency bobble aside, Elway consistently talks about getting “value’’ in free agency, which means he’s willing to spend big for big return. And the team has not been as active most years as it was in 2014. But with Peyton Manning’s mega-signing in 2012, some quality work in the draft and the 2014 haul in free agency, the Broncos went from a 4-12 finish in 2010 to six winning seasons, five AFC West titles and two Super Bowl trips. They’ve been disciplined for the most part and reaped the rewards.

*Signings made during free-agency period beginning in March.