What was long expected is now official — the Denver Broncos plan to release quarterback Russell Wilson, the team announced Monday.
The cut will become official after the new league year begins on March 13.
The Broncos acquired Wilson in a blockbuster trade with the Seattle Seahawks two years ago. Denver sent five draft picks and three players to Seattle in 2022 in exchange for Wilson and a draft pick.
The trade was a terrible decision in hindsight, but the team’s next move was even worse. Before he played a down for the Broncos, the team gave Wilson a massive five-year, $245 million contract extension.
Wilson lasted just two seasons in Denver as the team went 11-19 with the veteran QB under center. Wilson completed 63.3% of his passes for 6,594 yards with 42 touchdowns against 19 interceptions in 30 games. He also rushed for 618 yards and six touchdowns and was sacked 100 times.
Wilson posted better numbers under Sean Payton in 2023 than he did under Nathaniel Hackett in 2022, but he clearly was not a perfect fit for Payton’s offense. When they were all but eliminated from playoff contention last season, the Broncos benched Wilson with two games remaining. Wilson later revealed that Denver had threatened to bench him earlier in the season if he did not agree to change his contract.
Wilson never agreed to any contract changes and the team eventually did bench him, but they said it was a football decision. Now they are releasing the quarterback, a move that will prove to be costly.
Depending on how the Broncos designate the release, Wilson’s departure will leave behind a “dead money” cap hit of either $53 million or $35.4 million in 2024 (with $49.6 million or $32 million cap hits in 2025). It will be the largest dead money cap hit from a single player in NFL history.
Because he will still be getting paid by Denver, Wilson will likely be a bargain for his next team, perhaps even signing for the league minimum. Wilson should have plenty of suitors as a free agent, with the Pittsburgh Steelers, Las Vegas Raiders and Atlanta Falcons potentially among his options.
The Broncos, meanwhile, are left with Jarrett Stidham and Ben DiNucci as their two quarterbacks currently under contract for 2024. Denver could look to free agency for a veteran to replace Wilson, and the Broncos also hold the 12th overall pick in this year’s NFL draft.
Whether its through free agency or the draft (or both), Denver will undoubtedly bring in at least one more quarterback this offseason. As for Wilson (35), he will become a free agent available to join any team.
Follow the Broncos Wire Podcast:
Apple Podcasts | Spotify | Google Podcasts
