Let's take a look at the 2006 Broncos:
11.5% of passing yards to the TEs
16.9% of passing yards to the RBs
44.1% of passing yards to Javon Walker
16.6% of passing yards to Rod Smith
10.9% of passing yards to other WRs
Let's take a look at the 2005 Broncos:
20.0% of passing yards to the TEs
15.1% of passing yards to the RBs
32.8% of passing yards to Rod Smith
22.8% of passing yards to Ashley Lelie
9.3% of passing yards to other WRs
So how did the passing pie change?
8.5% fewer passing yards to the TEs
This isn't surprising; the loss of Putzier was a sign that Denver would use the TEs less.
1.8% fewer passing yards to the RBs
Mike Anderson was a pretty good receiving ball, and Mike Bell isn't. We'd expect this number to go down a bit, and that might continue if Tatum Bell is on the field more (he's not a receiving threat).
1.6% fewer passing yards to other WRs
Todd Devoe, Nate Jackson, David Kircus, Brandon Marshall and Quincy Morgan vs. Charlie Adams, Todd Devoe, Nate Jackson, David Terrell and Darius Watts = about a wash.
21.3% more passing yards going to Denver's "other starting WR".
Obviously we'd expect Walker to put up better stats than Ashley Lelie. But not by this much. Ashley Lelie had 770 yards last year, an increase of this size would project Javon Walker at 1487 yards. I don't really feel comfortable with projecting Walker at that level. Not by a long shot.
Which brings us to the last, obvious post.
2006 Broncos: 189 passing yards/game (28.7 attempts/game)
2005 Broncos: 211 passing yards/game (29.1 attempts/game)
The attempts are there, but the yards are not. Part of it is circular, because if Rod Smith is worse than he used to be, the Broncos will pass for fewer passing yards, and then Smith will look worse too. But in the end, you've got three questions you have to ask yourself:
Do you think Denver will throw closer to 189 passing yards/game or 211? Personally, I'd say 211, although the Broncos do have a very difficult passing schedule. Plummer looked better this weekend, and the Broncos' running game isn't as good as it was last year, which potentially could help the passing offense. (Although so far, Denver's passed slightly less often in 2006).
Do you think Javon Walker will end up with 44.1% of Denver's passing yards? This one's obviously no. That's 2005 Santana Moss/Steve Smith territory, which just isn't going to happen in Denver. I'd expect Walker to get about 35% of Denver's passing yards.
That leaves an extra 9% of passing yards open, which brings about the third question: Where is that going to go? I'd imagine a healthy Rod Smith would get a big chunk of that. The Denver TEs and RBs aren't very good at catching, and once teams start focusing more on Walker, a healthy Smith will be open more often, and become a very attractive target for Plummer.
I figure Denver will end up with about 200 passing yards/game this year. If Smith is healthy (not just on the field, but the old Smith), then he'll probably get about 25% of those yards. That's 50 yards per game, or 800 yards in the season, or 650 yards for the rest of the year. And it gives Walker 1120 yards for the year (pro-rated to 16 games), or 910 yards for the rest of the season.
The above analysis makes it clear that Walker is the 1 and Smith is the 2. I wouldn't be shocked if it becomes a more 1A and 1B situation, tho. Smith actually has one more target than Walker, despite missing a good chunk of time. A split where they each had about 60 ypg for the remainder of the year would hardly be surprising, and would make Smith a pretty valuable receiver.