Rangers were able to purchase new players this summer for the first time since August 2008 and boosted their squad with the arrivals of Nikica Jelavic and James Beattie, as well as Vladimir Weiss and Richard Foster on loan.
But Celtic proved to be far busier in the transfer market, with the acquisition of 11 new players for Neil Lennon's first full season at the helm.
Exits from both the Champions League and Europa League also mean Celtic will be able to focus fully on their domestic commitments this term, while Rangers face gruelling Champions League matches.
Broadfoot believes, for those reasons, their bitter rivals are favourites to come out on top this time.
And, despite a seven-point gap between the Old Firm and the rest of the clubs already, he believes it is also too soon to write off the prospect of a decent run from one of the others.
Broadfoot said: "There have only been five games played so far and there will be hard games away from home for us to come starting this weekend.
"Obviously the other teams are a bit behind just now, but there's a long way to go and maybe a team will go on a run like Hibs did last year.
"I think Celtic are favourites with the players they've brought in and the fact they play week to week, whereas we have hard games away in the Champions League and it's hard to lift your game, sometimes you come back and you're a wee bit flat.
"But we just have to raise our game and take every game as it comes. I'd say Celtic are favourites, yes."
Meanwhile, Broadfoot hopes to make contact with Manchester United winger Antonio Valencia following the horrific injury he suffered against Rangers at Old Trafford.
Valencia sustained a fractured and dislocated ankle following an innocuous incident involving Broadfoot and now faces months of rehabilitation.
The Rangers defender said: "If I get picked for the Scotland squad next week, I'll speak to Darren Fletcher and get his number and send him a text.
"Hopefully he's okay, I know the operation went well and hopefully he's okay from that."