NEW ORLEANS - The Denver Broncos are hiring former Saints coach Sean Payton.

Reports say the Broncos are finalizing a deal with New Orleans to trade for Payton, who still has a year on his Saints contract despite leaving the team after the 2021 season. The compensation will include a first-round pick in this year's draft and second-round pick next year.

The #Broncos will send a first-round pick in 2023 and early pick next year, sources say. The deal has been agreed to. https://t.co/Lw9O9MQV0k

— Ian Rapoport (@RapSheet) January 31, 2023

This is a developing story.