On Monday, the Denver Broncos informed Russell Wilson of their decision to release him next week, marking an abrupt end to his tenure with the team just 18 months after signing a lucrative five-year, $242 million contract extension.
Despite this release, the Broncos are still obligated to pay Wilson his $39 million salary for the upcoming 2024 season, with any additional earnings from another team likely deducted from this amount, possibly leaving him with the veteran's minimum salary of $1.21 million.
One potential destination for Wilson could be the Pittsburgh Steelers, who are scheduled to face Denver in the upcoming season.
However, the Broncos will face significant financial repercussions, as they will incur a record-breaking $89 million in dead cap charges over the next two seasons.
Despite a resurgence in performance last season under new head coach Sean Payton, during which Wilson threw for 26 touchdowns and eight interceptions in 15 games, it ultimately fell short of expectations. Payton benched Wilson in favor of Jarrett Stidham for the final two games, leading to a disappointing 8-9 season and the team's seventh consecutive losing record, missing out on the playoffs for the eighth consecutive year.
At the NFL scouting combine last week, Payton hinted at an imminent departure, emphasizing the importance of finding the right quarterback to lead the Broncos to success.
Following Payton's request, Wilson had previously minimized his social media presence but resumed sharing workout videos. Over the weekend, he removed all references to the Broncos from his profile.
Acquired from the Seattle Seahawks in 2022 in exchange for multiple draft picks and players, Wilson's tenure in Denver started with high expectations after his Super Bowl win in 2013. However, despite signing a lucrative extension before playing a single game for the Broncos, Wilson struggled in his first season under coach Nathaniel Hackett, who was subsequently fired.
Although Wilson arrived at training camp in improved physical condition, he was eventually benched after going 7-8, with Payton citing football reasons for the decision rather than financial ones. Wilson's refusal to adjust his contract, which included a $37 million injury guarantee, played a role in his eventual benching.
With Wilson's $37 million salary for the 2025 season set to become guaranteed if he remained on the roster beyond March 13, the Broncos opted for his release.
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