Broncos will release Wilson and incur a $85 million dead money obligation

Russell Wilson, a nine-time Pro Bowl quarterback, has been notified by the Denver Broncos that he will be released. This puts an end to Wilson’s turbulent two-season tenure with the franchise.
“We communicated with Russell Wilson on Monday to notify him of his release following the league year’s opening [March 13, 4 p.m. ET],” general manager George Paton and coach Sean Payton announced in a statement. “The Broncos would like to thank Russell for his services to our club and community and wish him the best of luck in his future professional endeavors. Our goal going forward is to assemble the best squad we can for the 2024 season and beyond. We can’t wait to grow stronger this summer and in the future because to the freedom provided by the draft and free agency.”

In a statement, Wilson expressed gratitude to the Denver community, a number of his teammates, the team’s cafeteria employees, and Ray Jackson, vice president of player development. He said nothing about Paton, Payton, or the ownership of the club.
“You have accepted my family and I as members of the Denver community and have welcomed us with open arms throughout the last three years. I will always have a particular place in my heart for this city. In the statement, he said, “Our family grew up here, we made countless memories and friendships, and we formed relationships that will last a lifetime.”
“To my comrades, I want to express my gratitude for sticking with each other throughout the whole fight. I am grateful for the influence you have had on my life and for the many experiences I have that I will always treasure. It was an honor to be able to run out as your teammate, and I am very thankful for each and every one of you.”
He wrote, “Tough times don’t last, but tough people do,” as his closing remarks. God’s got me. I am eager to see what comes next.”
Wilson’s release will put an end to a chapter that has disappointed all parties. In Wilson’s two seasons as a starter, the Broncos finished 11-19 and were eliminated from the playoffs. With two games left in 2023, Payton benched him, thereby ending the quarterback’s career in Denver.
After Wilson arrived, the Broncos signed him to a five-year, $242.6 million contract. Wilson’s departure will cost them $85 million in dead money over the next two seasons.
Denver will have to choose whether to accept the majority of that dead money hit in the 2024 or 2025 season in the next weeks.
The Broncos made a major investment two years ago when they acquired Wilson from the Seattle Seahawks, sending three players and five draft picks—two first- and two second-round picks—along with the player.
“It’s just unique that you can trade for a quarterback — a franchise quarterback — in his prime, and we just felt that we had to take that chance,” Paton said at the time.
In the end, those franchise quarterback moments weren’t often enough for the Broncos. In Denver, Wilson was coached by three different people: Payton in 2023, Nathaniel Hackett in 2022, and interim Jerry Rosburg in 2023.
The 35-year-old Wilson is about to hit the free agency market, and clubs like the Pittsburgh Steelers and Minnesota Vikings may try to sign him.
“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,” Wilson said only recently on the “I Am Athlete” podcast series. “You want to be [in] a location that wants you, too. I adore the city and everything else. My only concern is winning; that is what I want to do.”
When asked about the search for a long-term quarterback solution at the scouting combine, Payton said, “We better.”
Denver started the season 1–5, despite Payton’s assurances throughout the preseason and training camp of the previous year that he would design an offense around Wilson that capitalized on his abilities.
During the Broncos’ Week 9 bye in 2023, Wilson, his agents, and the organization had a discussion that turned into the very public football divorce. The Broncos insist that they were trying to come up with a “creative way” for Wilson to modify or eliminate a $37 million injury guarantee that was part of his deal.
Wilson said he was informed at the time that he would lose his starting position if he and his agents didn’t play financial ball.
When the season was almost over, Wilson said, “They definitely told me I was going to be benched and all that.”
The talks on possible financial or salary cap relief were in “good faith” and typical in the league between a club and a player with such a costly, long-term contract, according to the Broncos, Paton, and owner/CEO Greg Penner.
“It didn’t come up again; go ahead to the Week 17 Sean switches up at quarterback, according to Paton. Sean made this football-related choice based on what he believed to be the team’s best interests. This is entirely unrelated to any discussions I had with the agency.”

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