The Denver Broncos officially pulled the plug on the Russell Wilson experiment on Monday. It was announced that the team would be releasing Wilson and allowing him to become a free agent, ending what was one of the most disappointing stints in recent memory given the expectations.
But while they’ll be free to explore other quarterback options this off-season, the Broncos will be on the hook for what is by far the biggest dead cap hit in NFL history.
Broncos On The Hook For $85 Million In Dead Cap For Next 2 Seasons
Broncos will take on an NFL-record $85M in dead cap by releasing Russell Wilson 😳 pic.twitter.com/92wigoIsjn
— Bleacher Report (@BleacherReport) March 4, 2024
The initial trade will go down as one of the worst we have ever seen. Back in 2022, Denver sent 2 first round picks, 2 second round picks, and a package of three players to the Seattle Seahawks in exchange for Wilson. In addition, they gave him the richest contract that we had seen up to that point, which included $165 million in guarantees.
The Broncos are nowhere near close to being done giving Wilson that money. Over the span of the next two years, he will represent a total of $85 million in dead cap space; $35.4 million in 2024, followed by $49.6 million in 2025. It number is likely far higher than what he will be making with whichever team decides to sign him in free agency.
Not only is it the largest dead cap hit in NFL history, but it is larger than the other two-highest combined. The Green Bay Packers were on the hook for $40 million in 2023 when Aaron Rodger’s left town, and the Atlanta Falcons shelled out $40 million to Matt Ryan back in 2018 after trading him to Indianapolis.
Wilson had two years left on his original deal when he was traded to the Broncos, and the five-year extension was set to kick in during the 2024 season. This means that he never played a single snap in order to earn the $165 million in guarantees.
Future Is Unclear For Both Wilson And Broncos
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
It is unclear which direction either party will head in. Denver has Jarrett Stidham under contract, who they like, but it is very likely that the team will bring in some form of competition, whether it be a developing rookie or a cheap veteran from the free agency pool. Wilson will be free to seek out a new place to call home, and there are plenty of quarterback-hungry teams in the league that will ensure he commands plenty of attention on the open market.
In his two season with the Broncos, Wilson played in a total of 30 games, and threw 42 touchdowns compared to 19 interceptions. His completion percentage in 2022 was by far the lowest of his career, and the team went 11-19 with him as their starting quarterback.
In terms of the guaranteed money, Russell Wilson earned $15 million for each game that he won in a Broncos uniform.
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