The Denver Broncos have announced that they will be releasing quarterback Russell Wilson after just two seasons. The decision comes as the team looks to build a strong team for the 2024 season and the future.
Broncos notified QB Russell Wilson that he will be released after the league year begins March 13.
— Adam Schefter (@AdamSchefter) March 4, 2024
Wilson signed a five-year deal worth $242.6 million with the Broncos in 2022, but the team failed to make the playoffs in both 2022 and 2023 while he was the starter.
Despite his 2024 salary being guaranteed, the release allows the Broncos to avoid his $37 million 2025 salary becoming fully guaranteed.
Russell Wilson's Post June 1st Release
CAP
The #Broncos will carry his $35.4M cap hit into June, then take on dead hits of:2024: $35.4M
2025: $49.6MCASH
DEN will pay Wilson $39M minus whatever he earns elsewhere ($1.21M minimum)Wilson can sign elsewhere starting March 13
— Spotrac (@spotrac) March 4, 2024
Denver will take on a dead cap hit of $85 million. That’s the largest in NFL history, easily surpassing the previous record of $40.53 million.
Largest dead cap hits in NFL history:
Russell Wilson ($85M)
Matt Ryan ($40.53M)
Aaron Rodgers ($40.31M)
Carson Wentz ($33.8M)
Russell Wilson, again ($26M)To call this historic is an understatement. https://t.co/BeQztvGEin
— Anand Nanduri (@NanduriNFL) March 4, 2024
If his release is designated as a post-June 1 cut, the $85 million will consist of $35.4 million in 2024 and $49.6 million in 2025 before he’s finally off the books completely in 2026.
Assuming Russell Wilson is designated a post-June 1 cut, the aftermath looks like this for the #Broncos …
2024:
$39 million cash*, $35.4M cap2025:
$0 cash, $49.6M cap2026:
Off booksA $255.4M salary cap makes that pill go down a little easier …
(*Minus offsets)
— Tom Pelissero (@TomPelissero) March 4, 2024
Prior to the release, the Broncos were over the cap in 2024, and even without the quarterback on the roster, they will remain over the cap if it’s designated as a post-June 1 cut.
The team will now look for a cheaper option at quarterback for the 2025 season, while Wilson will search for a new team in free agency.
The trade that brought Wilson to Denver in 2022 proved to be costly for the team, as they gave up multiple draft picks and players in return.
We’ve notified QB Russell Wilson that he will be released after the league year begins March 13.
A statement from GM George Paton and HC Sean Payton: pic.twitter.com/EJO5mNMjew
— Denver Broncos (@Broncos) March 4, 2024
In return, the Broncos received 6,594 passing yards, 42 touchdowns, 19 interceptions, 100 sacks taken, a 63.3 completion percentage and an 11-19 record as the starter across two seasons.
The team will save $37 million by cutting him, though they’ll also absorb the largest dead cap figure ($49.6 million in the 2025 season) in NFL history, per Spotrac, and the fourth-largest dead cap hit ever in 2024 ($35.4 million).
The cost to the @Broncos of Russell Wilson's two years.
• Draft picks: 9th, 40th, 145h picks in 2022; 5th, 37th picks in 2023.
• Players: Drew Lock, Noah Fant, Shelby Harris.
• Cash: $124.02 million.
Wilson went 11-19 as Denver's starter, with a 90.8 passer rating.
— Albert Breer (@AlbertBreer) March 4, 2024
With Wilson out of the picture, the Broncos will need to pivot at quarterback, and one option could be to draft a new quarterback with their No. 12 pick.
The Denver Broncos are facing a decision on their quarterback position. Lance Zierlein of NFL.com has suggested that they may trade up to the ninth pick and choose Michigan’s McCarthy, as he has potential for Coach Sean Payton to work with.
The B/R NFL Scouting Department, on the other hand, projects McCarthy to drop to the twelfth pick, praising his pre-snap processing and confidence as a thrower, which would fit well into Payton’s offensive system.
Alternatively, the Broncos could sign a short-term option in free agency and make their selection in the draft based on the “best player available” rather than solely focusing on a quarterback.
While big-name veterans like Kirk Cousins and Baker Mayfield are unlikely options, the team could pursue players like Jacoby Brissett, Ryan Tannehill, Jameis Winston, Gardner Minshew, or Tyrod Taylor.
Ultimately, the Broncos need to rebuild their roster and infuse young talent, so taking a patient approach in finding their next franchise quarterback while addressing other needs seems wise.
This decision comes as the team parts ways with their highly paid quarterback, Wilson, resulting in a significant dead salary cap hit of $85 million over the next two years.
Despite Wilson’s previous statements expressing hope for his future in Denver, the writing was on the wall for his departure.
In his statement, Wilson thanked the city of Denver and expressed excitement for what lies ahead, without mentioning the Broncos GM or coach.
Thank You Broncos Country 🙏🏾 – #3 pic.twitter.com/3IoVheYVyI
— Russell Wilson (@DangeRussWilson) March 4, 2024
Although the team will eat $39 million, they will avoid a guaranteed trigger of $37 million for the 2025 season. This move by the Broncos will result in the largest dead cap hit in NFL history.
With just two weeks remaining in the 2023 season, the Broncos made the decision to bench quarterback Wilson in favor of Jarrett Stidham.
The move was primarily motivated by financial reasons, as they wanted to protect Wilson from potential injuries and gain financial flexibility by avoiding his hefty contract guarantee.
Recently, there was uncertainty about the team’s commitment to Wilson, but on Monday, the decision was made to part ways with him and remove the unsuccessful union from the franchise’s future.
Wilson joined the Broncos in a significant trade with the Seattle Seahawks in the 2022 offseason, accompanied by a lucrative five-year contract.
However, his time in Denver was plagued by poor performance, resulting in his benching. The team’s offense struggled under Wilson’s leadership, with below-average scoring and yardage statistics since 2022.
As Wilson prepares to leave Denver, the team will rely on quarterbacks Stidham and Ben DiNucci, who have limited starting experience.
Additionally, the Broncos hold the 12th overall pick in the upcoming 2024 NFL Draft, potentially allowing them to select a top QB prospect.
Despite his struggles in Denver, Wilson remains an accomplished player with impressive career stats.
He is the second highest-rated passer in Super Bowl era history and holds the distinction of being the only player with over 40,000 passing yards and 5,000 rushing yards in NFL history.
While he still believes he has more to offer in the league, it won’t be with the Broncos.
Fans reacted as follows:
Russell Wilson's Broncos tenure: pic.twitter.com/lovmY6knXe
— FanDuel (@FanDuel) March 4, 2024
Broncos getting rid of Russell Wilson pic.twitter.com/a0Tbk0YmxW
— Pickswise (@Pickswise) March 4, 2024
Russell Wilson in the aisle of the airplane on his way to Pittsburgh pic.twitter.com/blaoEO6OyE
— BetMGM 🦁 (@BetMGM) March 4, 2024
Broncos really set themselves back 4 years
— Sports hub (@sports_hub_1) March 4, 2024
Broncos are their own worst enemy
— Sports hub (@sports_hub_1) March 4, 2024
He’s the 1st QB in NFL history to have to clean out his office.
— Jeremy Berman (@_SportsTruther) March 4, 2024
If you're looking for a "glass half full" angle to Russell Wilson's release…
1) Denver doesn't lose any cap space in 2024
2) Denver frees up $6M of cap space in 2025
3) Denver doesn't need to pay Wilson $37M in 2025
3) A roster spot has been freed up— Spotrac (@spotrac) March 4, 2024
There will be a cap credit for whatever Denver doesn't end up paying Wilson (because he earned it with another team this season). So a small offset in that $49.6M dead cap hit should be coming.
— Spotrac (@spotrac) March 4, 2024
Payton really does not want Russ to do any cooking in Denver.
— Steve (@ProcuringIncome) March 4, 2024
So can you help me understand why they didn't keep him for one year and then release him next year? Maybe I'm wrong, but I thought that it would be the exactly same cap hits under that scenario vs. cutting him this year.
— David R⭕th (@droth54) March 4, 2024
So basically Russ has almost no incentive to sign for more than the vet minimum. Cause it just helps Denver and hurts his new team.
— Nic Dressen (@LaffyTaffy0112) March 4, 2024
As others have mentioned, Tom Brady ($35.1M) and Leonard Williams ($26.9M) would also make the list 🤦🏽♂️ Russ has both the highest and 7th highest dead cap hits ever, which is insane to think about.
— Anand Nanduri (@NanduriNFL) March 4, 2024
Russell Wilson went to back-to-back Super Bowls when his cap hit was essentially nothing and hasn't been back since.
So just do that again right?
— Andrew Cooper (@CoopAFiasco) March 4, 2024
It’s really simple, we have seen it ALL before. Take literally all the teams cap room, you will have no talent around you to succeed. I bet the money was nice, but your legacy as a player just went out the window. He won’t be getting any big money contracts anytime soon 🤷🏽♂️
— NoahSpp (@SppNoah) March 4, 2024
Eating $85m in cap space over the next 2 years to move on is wild.
One of the worst trades in modern sports history of all time👀
— kashaf bilal (@kashaf__B) March 4, 2024
Denver’s financial advisors pic.twitter.com/pxsnn0zIBu
— Anthony Russo (@Anthony_Russo97) March 4, 2024
Ouch. How much of that goes away if another team signs him and do they have to pick up this horrific contract?
— Terry (@TerryinSoCalif) March 4, 2024
Let’s revisit the Russell Wilson trade: pic.twitter.com/IpNjgkEwGD
— ChiefsJayhawksRoyals (@CJR16255) March 4, 2024
Literally the worst trade in NFL history.
— Ben (@HowUBenFeller) March 4, 2024
Too many people trying to defend Wilson for mediocre play. he was HORRIBLE last year, and this year has been better but not efficient enough.
— 𝐁𝐞𝐬𝐭𝐞 ✪™ (@Krepublics2_) March 4, 2024
$39 million to sit on the couch
— Anthony Russo (@Anthony_Russo97) March 4, 2024
Appreciate everything you've done for the team and the city of Denver these past two years. It sucks it didn't work out here, but I truly believe there are not 32 QBs better than you🙏
— JaRunIt🏃 (@BroncosRuntry) March 4, 2024
And how does GM George Paton keep his job? Mind blowing
— 49ers & NFL News 24/7 (@49ersSportsTalk) March 4, 2024
$85M in dead money on top of this haul… 😬
The Russell Wilson trade might go down as one of the most lopsided deals in NFL history pic.twitter.com/AwTbr7Pt3o
— The 33rd Team (@The33rdTeamFB) March 4, 2024
That sounds worse than when the Pirates made their disastrous trade for Chris Archer that got their General manager, manager, and team president all fired a year later
— Terry Butler (@TerryBu33626904) March 4, 2024
He sucked pretty bad. Too good to be shitted on so much.
— Pierce – Loftin 🇺🇸 (@pierceloftin) March 4, 2024
