The Denver Broncos informed quarterback Russell Wilson that he will be released after the new league year begins on March 13, the team announced Monday.
Wilson initially signed a massive five-year, $242.6 million deal with the Broncos in 2022, but finished with an 11-19 record as a starter, and the team missed the playoffs in both 2022 and 2023.
Although his 2024 salary of $39 million is guaranteed, the release allows the Broncos to avoid his $37 million 2025 salary becoming fully guaranteed on March 17. Any contract Wilson signs with another team will be subtracted from the $39 million that Denver must pay.
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
However, this move results in an $85 million dead cap hit for Denver, the largest in NFL history, far surpassing the previous record of $40.53 million.
If designated as a post-June 1 cut, the $85 million dead cap hit would be divided into $35.4 million in 2024 and $49.6 million in 2025, clearing the books by 2026.
According to OverTheCap.com, Denver was $16.354 million over the cap in 2024 before the release. This number would remain unchanged with a post-June 1 cut, even without Wilson on the roster.
In 2025, the Broncos would have just over $110.525 million in cap space compared to $104.725 million before his release.
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 the release occurs before the new cap year, the team would be about $66 million over the 2024 cap, raising the 2025 cap space to $160.2 million.
Denver will now likely seek a more affordable quarterback for the 2025 season while Wilson, a nine-time Pro Bowler, will look for a new team in free agency.
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