The Russell Wilson era with the Denver Broncos is drawing to a close.
Denver’s head coach, Sean Payton, and general manager, George Paton, issued a statement on Monday afternoon, confirming that they have informed the star quarterback of their decision to release him at the beginning of the 2024 NFL season, scheduled for March 13th.
Wilson released a statement expressing gratitude to the Denver fans, as well as several players, assistant coaches, and staff members. Notably, he did not mention head coach Sean Payton or general manager George Paton.
The Broncos’ decision does not come as a surprise, as they had previously signaled their intentions by benching Wilson in favor of little-utilized backup Jarrett Stidham for the final two games of the regular season.
Wilson’s imminent release marks a disappointing conclusion to one of the NFL’s most ill-fated trades.
Following the retirement of Peyton Manning in 2016, the Broncos had struggled to find a top-tier quarterback. Desperate to address this need, the Broncos traded away a significant package: five draft picks (including first and second-round picks in both 2022 and 2023, along with a 2022 fifth-round pick), as well as three players – tight end Noah Fant, defensive lineman Shelby Harris, and quarterback Drew Lock – in exchange for Wilson in March 2022.
Upon his arrival in Denver, Wilson promptly signed a five-year, $242.5 million contract extension.
The expectation was that Wilson, renowned for leading the Seahawks to back-to-back Super Bowls and clinching Super Bowl 48, would serve as the franchise quarterback to guide the Broncos back to playoff contention.
However, Wilson encountered difficulties adapting to first-year head coach Nathaniel Hackett’s offensive system. He threw 16 touchdowns and 11 interceptions while enduring an NFL-high 55 sacks. Hackett was subsequently dismissed following a 51-14 defeat to the Los Angeles Rams in Week 16, which left the Broncos with a 4-11 record.
Sean Payton was then appointed as head coach, with his primary task being to “fix” Wilson. Despite making some progress together, Wilson managed to turn his fortunes around in 2023, tallying 26 touchdown passes and eight interceptions. However, despite this improvement, the Broncos ended the season with a disappointing 8-9 record, with Wilson posting a 7-8 record as the starter. Overall, during his two-year stint in Denver, Wilson recorded a record of 11-19.
The season was further complicated by the Broncos’ decision to bench Wilson, with speculation suggesting it was to prevent him from getting injured and potentially triggering a $37 million injury clause payout.
Wilson stated that the Broncos initiated discussions midway through the season about renegotiating his contract, particularly regarding the $37 million he would be guaranteed for his 2025 salary if he couldn’t pass a physical by March’s fifth day.
He alleged that the Broncos threatened to bench him if he didn’t agree to postpone the trigger date for the guarantee. Wilson declined and continued to start in the next seven games before being benched. Payton referred to the benching as a “football decision,” while Paton admitted that the team had discussed restructuring Wilson’s contract but denied any connection between the benching and the contract.
Payton was not present when the Broncos acquired Wilson, and there were already indications that he was not particularly fond of the quarterback. The contract dispute led many observers to anticipate an inevitable separation.
The Broncos will incur an $85 million loss in dead money over the next two seasons due to the release.
With Wilson’s $39 million salary for the 2024 season guaranteed, reports suggested that, as a free agent, he might consider signing with another team for the veteran’s minimum salary, knowing that his current salary is secure.
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