I respect your opinion, and can get on board with Montana and Unitas, but elway???? No. Let's compare:
Keep in Mind,
Elway played 16 years for the Broncos and Favre played 16 years for the Packers. Favre did play 2 games for the Falcons, but had only 4 attempts and made 0 completions. So there is no such thing as inflated stats here since the comparison is using the exact same amount of years.
Passer Rating - 85.7% Favre / 79.9% Elway
Championships - 2 Elway / 1 Favre
Records - 100 Favre / 0 Elway j/k

Favre threw 145 go ahead tds / Elway threw 103
Elway threw 30 game tying tds / Favre threw 27 tying tds
Favre threw 39 playoff tds / Elway threw 27
Competion % - 61.4% Favre / 56.9% Elway
Seasons 60.0%+ - 11 times Favre / 3 times Elway
Passing Yards - 61,655 Favre / 51,475 Elway
4000+ passing yard seasons - 5 times Favre / 1 time Elway
Passing TDs- 442 Favre / 300 Elway
Total Tds - 455 Favre / 334 Elway (* 1- receiving)
Avg TD per start - 1.80 Favre / 1.44 Elway
Longest TD - 99 yards Favre / 80 yards Elway
Average Passing yards per start - 243.7 Favre / 222.8 Elway
Pro Bowls - 9 Favre / 9 Elway
All Pro - 7 Favre / 5 Elway
MVP's - 3 Favre / 1 Elway
Of course, a lot of these are stat based, but the ONLY argument that can be made for Elway over Favre is more Super Bowls. Everything else, including MVPS goes to Favre. It's a slam dunk that Favre was better.