I believe it but I'd already heard from somebody I trust with connections to the Broncos that they trust, that Ryans was their preference. (A Rapoport tweet supports that rumor). I think the Broncos very much had some parameters in place in terms of the amount of risk they were willing to take, which was already likely higher than what they'd hoped for, if it's true that Ryans was their preferred choice. He wouldn't have required a trade and won't command the same salary since he's a first time head coach.
My speculation is the market for Payton was softer than anticipated, perhaps because of his demands, and Loomis made the best of the only viable deal left on the table.