Yes, Denver really is not a favorite this year. Clearly, New England is in the limelight to win the AFC Championship and perhaps even the Super Bowl. They have homefield advantage and the weather on their side. All the talk of dynasty but no Super Bowl wins in 10 years, the pressure is on the Patriots.
Denver, on the other hand, fell out of the limelight after they lost to New England in the regular season. Their identity changed on offense through the last quarter of the season, incorporating more of a power rushing attack. They also have momentum in a defense that is reaching the potential of its talent level. Ironically, they're better equipped to win a championship this year than their previous two playoff appearances.
I would love to see the Broncos play loose and have fun. Granted, if they beat the Colts this weekend and the Ravens upset the Patriots, expectations will change, of course, and they'll be favored again to win the AFC Championship. However, if New England wins, as I think they will, the Patriots will be heavily favored at home. Interesting that for a team playing the underdog role, Denver is loaded to win it all. With expectations removed, I think they become the most dangerous team in these playoffs.