The Dream started as an expansion member of the Lingerie Football League in 2009. They play two dates at their home field, Dick's Sporting Goods Park in Commerce City, Colorado. The team was one of only two (the other being the Dallas Desire) to have played its home games in an outdoor stadium, and one of the few short-field football teams to have done so. League commissioner Mitchell Mortaza suspended the team's operations after the 2009 season at the same time as the struggling New York Majesty to keep the league at an even number of teams; it was implied that the league would be unable or unwilling to reach a deal to continue playing at Dick's Sporting Goods Park (the league is apparently skittish about playing in outdoor arenas when winter conditions are possible; the league canceled a Dallas Desire game in late 2010 because of the threat of winter weather).
In May 2013, the LFL reached an agreement to play 2013 playoff games in 1stBank Center, and hinted at the possible return of the Denver Dream. The Dream were added back to the league for the 2017 season.