The Denver Broncos released veteran quarterback Russell Wilson and paid a hefty price to do it. By cutting Wilson, the Broncos will take an $85 million dead cap hit, which stands as an NFL record.
“Of behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career,” said Broncos head coach Sean Payton and general manager George Paton in a joint statement.
Being stuck in quarterback purgatory ever since Peyton Manning retired in 2016, the Broncos decided to orchestrate a blockbuster trade for Wilson with the Seattle Seahawks ahead of the 2022 season. The Broncos sent a massive package of assets to Seattle as part of the deal, including two first-round picks, two second-round picks, a fifth-round pick, and three players. They then signed Wilson to a five-year, $245 million extension, one that was yet to kick in before he was cut.
In his first year with the Broncos, Wilson had arguably his worst season since entering the league, completing 60.5% of his passes for 3,524 yards, 16 touchdowns, and 11 interceptions. He improved in 2023 after Payton took over but still failed to justify the investment Denver made in him. The Broncos even benched Wilson to prevent his salary for 2025 from becoming guaranteed.
The Broncos will now embark on a search for a new quarterback once again and will have limited assets to acquire one. They are dealing with a limited cap to be able to attract top free agent signal callers, while their No. 12 overall pick in the 2024 NFL Draft isn’t considered high enough to give them a chance to nab one of the top QB prospects.
Wilson, on the other hand, will likely attract attention from teams looking for a bridge quarterback. Despite his struggles in recent years, he showed that he can still be a capable starter and will also come on a cheap deal.
