New Denver campaign finance system, same result, Outside money still rules.

The massive Denver mayoral ballot has been whittled down to two, and it should not be a surprise who the top two were: the candidates with the most money behind them. 

But that doesn’t mean the Fair Elections Fund — Denver’s matching contribution system — did not work. Rather, it seemed swamped by outside money that flooded into the race. 

Mike Johnston and Kelly Brough advanced out of crowded field of 17 (16 if you don’t count Kwame Spearman, who dropped out before the election, but still appeared on the ballot). Not coincidentally, the same two led the fundraising race. 

Brough brought in more than $1.4 million (she maxed out the $750,000 from the FEF and raised another $677,410 from direct contributions). Johnston, who entered several months after…