On January 15, 2016, Wolfe signed a four-year extension with the Broncos worth $36.7 million.
On February 7, 2016, Wolfe was part of the Broncos team that won Super Bowl 50. In the game, the Broncos defeated the Carolina Panthers by a score of 24–10. He had five tackles and 0.5 sacks in the Super Bowl.
In 2016, Wolfe posted a career high in tackles with 51, and in passes defended with four.