QB Peyton Manning has been in control of the Broncos, and after a few early season hiccups, they're running smoothly, with their best season since the Elway years now a reasonable goal. (US Presswire)

It took a few weeks, but the Broncos (5-3) finally began to resemble the finely tuned machine they hoped they'd become with QB Peyton Manning at the controls. All three of their losses were to division leaders that are a combined 20-4 (Atlanta, Houston and New England), and their next eight opponents are a combined 23-42. Barring an injury to Manning, they should cruise to their second consecutive AFC West crown.

Offensive MVP -- Peyton Manning: What, you were expecting someone else? After a balky three-game start to the season, Manning has been nearly unstoppable in the last five games, throwing three touchdowns each time. Statistically, he is on pace for the best season by any Broncos quarterback -- at his current rate, he'll break the team touchdown-pass record set by John Elway and Jake Plummer before the end of November -- and the second-best of his Hall of Fame career. 

Defensive MVP -- LB/DE Von Miller: The second-year phenom is not only on pace for a Broncos-record 18 sacks after bringing down Cincinnati's Andy Dalton three times Sunday, but he's blossomed as a run defender, learning how to work past blockers to steer opposing running backs to the outside, where Denver's aggressive cornerbacks and safeties await to close down all available angles.

Rookie MVP -- DT/DE Derek Wolfe: He quickly assumed a broader role than originally intended for his rookie season when Jason Hunter suffered a season-ending injury in training camp and has grown more comfortable, improving as a run defender at the point of attack. The Broncos would like to see a little more in the pass rush from him, but three sacks in eight games from an interior spot on pass-rushing downs is a solid start.

Top assistant coach -- Mike McCoy: After re-designing the offense on the fly to fit Tim Tebow's unique skill set last year, McCoy had an easier job this time, to tailor the Broncos' offensive nomenclature to fit Manning's skill set, while blending elements of the power-running game that McCoy and John Fox successfully used in Carolina. It's worked brilliantly, and the result is an offense that is patient enough to continue running until it works for lengthy gains or to set up the play-action, as was the case in Cincinnati on Sunday.

The studious, intelligent McCoy will be in demand for open head-coaching positions this winter. He interviewed with the Dolphins twice last January and rebuffed overtures from the Raiders and Jaguars. He will be choosy, but if the Panthers jettison Ron Rivera, McCoy could be atop their list, given his nine years of experience there on the staffs of George Seifert and John Fox and the high esteem in which he was held by the organization.

Biggest disappointment -- LB Joe Mays: The Broncos paid him $4.5 million in 2012 salary and guarantees to be their middle linebacker, but he struggled with tackling and pursuit angles. He was benched for 15-year veteran Keith Brooking in Week 6. Now Mays is on injured reserve after fracturing his ankle on a special-teams play Oct. 28, and with only $500,000 guaranteed to him of a potential $8 million haul over the next two years of his contract, he faces a major restructuring -- and an uncertain future.

Biggest strength -- The passing game: Once Manning found proper timing with WRs Demaryius Thomas and Eric Decker -- and once they cut down their drops and bobbles -- the offense began to click. Both are on pace for more than 90 catches and 1,100 yards and are options 1 and 1a in the passing game. But of equal importance is Manning's ability to spread the wealth; another four targets are on pace for 40-plus receptions apiece -- TEs Jacob Tamme and Joel Dreessen, WR Brandon Stokley and RB Willis McGahee.

Biggest weakness -- Right guard: This is true for the next few weeks, while Chris Kuper sits out because of a sprained ankle. Manny Ramirez held his own starting for Kuper in the run game, but was exposed in pass protection by Houston's J.J. Watt in Week 3. Granted, no upcoming foes have a defensive lineman as dominant as Watt, but the Texans' general strategy of attacking Ramirez could be mimicked in the coming weeks, since it left Manning under more pressure than he's faced in any game this season. 

Projected final record -- 11-5.

Playoffs? Yes. If the Broncos finish a season sweep of the Chargers by defeating them Nov. 18, they should sail to the AFC West crown. The only question is whether they will have enough to eke past the Patriots and the AFC North winner (likely Pittsburgh or Baltimore) to get a bye week.

If the playoffs started now, Manning and the Broncos would face Andrew Luck and the Indianapolis Colts in the wild-card round. Commence salivation from the league office and its TV networks for what would be a dream January duel.

One fact you may not know but should know: The Broncos have averaged 29.4 points per game this year. It's the fourth time in team history they've averaged that many points in the first eight games of the season. In two of the previous three instances, they ended the season as world champions.

For up-to-the-minute Broncos updates, follow Andrew Mason on Twitter at @CBSBroncos.

Want to know who CBSSports.com says the MVP is? Check out our Midseason Awards.