The Denver Broncos announced Monday that they plan to release quarterback Russell Wilson.
The release will not become official until after the NFL’s new league year begins on March 13. As contract gurus Joel Corry and Michael Ginnitti pointed out on Twitter/X, Denver will wait until that date for two seasons: (1) that’s when the cut can be designated as a post-June 1 release and (2) the team can then exercise his option bonus and spread it over two years.
The Broncos will have to eat $85 million worth of “dead money” in Wilson’s contract, but they can spread that over two years with a post-June 1 designation. Denver will be left with cap hits of $35.4 million in 2024 and $49.6 million in 2025 before being free of the QB’s contract in 2026.
Because the quarterback was already going to have a $35.4 million salary cap hit this season, his release technically does not put the team in a bigger cap hole than they already were in 2024 (the Broncos are about $14 million over the cap).
Wilson will now be free to sign with any team and Denver could — in theory — get some cap relief if the QB’s next team gives him a big contract. If for example, Wilson’s next team paid him $10 million, his $35.4 million cap hit with the Broncos in 2024 would decrease to $25.4 million.
Such a scenario is unlikely to happen, though, because Wilson will be paid by Denver no matter what, so it makes more sense for him to give his next team a bargain, perhaps signing for the league minimum ($1.21 million). That would help out his next club while sticking it to the Broncos, and he’ll get paid regardless, so it’s the most likely outcome.
Russell Wilson was so bad that the Broncos are willing to eat $85M in dead cap. Think about that. It’s the worst contract in the history of the NFL.
— Joel Moran (@joelvmoran) March 4, 2024
Russell Wilson will officially never play a single snap of football for the Denver Broncos on the new 5 year, $242,588,236 contract they signed him to in September of 2022.
— notable head coach haver (@wrongopinionman) March 4, 2024
I'm not mad at George Paton for trading for Russell Wilson because nearly every GM would've made that move if they were in his shoes. The issue I have with Paton is giving Wilson a contract extension with two years left on his deal from Seattle and not seeing him play a down here
— Kevin Kissner (@KissnerRadio) March 4, 2024
The Broncos trade for Russell Wilson may be, given the cost of his contract — $245 million fully guaranteed — and the traded draft picks — two first & two seconds, a fifth plus three players — the worst NFL trade since Herschel Walker to the Vikings.
— Clay Travis (@ClayTravis) March 4, 2024
That Russell Wilson contract will go down as one of the worst of all time
— lindsey ok (@lindseyyok) March 4, 2024
For as bad as the Russell Wilson *trade* was, the Russell Wilson *contract* was eons worse – it didn’t even kick in by the time his tenure was over.
Not sure we’ll ever see something like that again.
— Carter Donnick (@CDonnick1) March 4, 2024
Russell Wilson to the Broncos is the worst trade of all time in part because of what they gave up, but mostly because they gave it all up and then gave him that contract. Brutally bad.
— Pete Prisco (@PriscoCBS) March 4, 2024
2 reasons for waiting until after the 2024 league year starts. That's when a Post-June 1 Designation can be used. Broncos also need to an exercise option for Russell Wilson's 2028 contract year during 1st 5 days where a $22M bonus gets prorated & 2024 base salary reduces to $17M. https://t.co/eT79O3Xf9P
— Joel Corry (@corryjoel) March 4, 2024
Broncos officially releasing Russell Wilson.
They were as all-in on him, between trade assets given up and contract, as any team was all-in on any player.
Now they're all-out.
$39M left over in cash.
$85M left over in Cap.
Will go down as one of worst contracts in NFL history.— Andrew Brandt (@AndrewBrandt) March 4, 2024
The Russell Wilson deal a disaster across the board… from fit to contract to handling the contract when you realized the fit was bad. 85 million dollars in dead cap money…and now Sean Payton has to get this right. Payton without Brees seems a lot like Belichick without Brady
— trey wingo (@wingoz) March 4, 2024
Denver will now search for a replacement. The Broncos will undoubtedly consider the free agent market this month. Next month, Denver will hold the 12th overall pick in the NFL draft. It would not be surprising to see the Broncos double-dip on QBs this spring by signing a free agent in March and later drafting another signal caller in April.
