Originally Posted by
Cuse44
Yes you are correct. However, remember that this is only on CO operated flights. So on your outbound flight, you will be checking in with CO at Newark and you should get the 1 checked bag free per passenger in the same PNR. On the outbound however, you are going to be checking in with United and I don't believe currently the CO Credit Cards provide baggage fee waivers on United operated flights (which your Bozeman to Chicago flight would be).
Also make sure to check the operator of EWR-DEN. That could be either CO or UA, and the OP's bag fee waiver works only on CO.