Denver Broncos to Release Russell Wilson, Taking $85M Dead Money Hit
The Denver Broncos have made the decision to release nine-time Pro Bowl quarterback Russell Wilson, bringing an end to his tumultuous two-season run with the team. Coach Sean Payton and general manager George Paton released a joint statement, saying, “On 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.”
Wilson, in response, released a statement expressing his gratitude to the city of Denver, his teammates, and the team’s staff. He wrote, “Over these last three years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community. This city will always hold a special place in my heart.”
The decision to release Wilson comes after a disappointing chapter for both sides. The Broncos had a record of 11-19 in Wilson’s starts over two seasons and failed to make the playoffs. Payton benched him with two games remaining in 2023, effectively signaling the end of his career in Denver.
The Broncos had acquired Wilson from the Seattle Seahawks two years ago, trading five draft picks and three players to secure his services. However, they did not see enough of the franchise quarterback moments they had hoped for. Wilson played under three different head coaches during his time in Denver.
With Wilson’s release, the Broncos will face an $85 million hit in dead money over the next two seasons. They will have to decide whether to take the majority of that hit in the 2024 or 2025 season.
As for Wilson, he now enters a free agent market where teams like the Minnesota Vikings and Pittsburgh Steelers could be interested in signing him. Wilson has made it clear that his priority is winning, stating on a podcast, “For me, it’s about winning — over the next two years, I want to win two [Super Bowls], I want to feel the chill of that trophy again.”
The tipping point in the Broncos’ decision to release Wilson was likely a conversation during the team’s Week 9 bye in 2023. The team wanted Wilson to waive or adjust a $37 million injury guarantee in his contract, and when he refused, they threatened to bench him.
The Broncos maintain that these discussions were in “good faith” and common in the league, but Wilson claims he was told he would be benched if he didn’t comply. Ultimately, the decision to bench Wilson was made by Payton, independent of any conversations Paton had with the agent.
Now, as Wilson enters free agency, it remains to be seen which team will be willing to take a chance on him and provide him with the opportunity to chase his Super Bowl dreams once again.