After a decade with the Seattle Seahawks, Russell Wilson was traded to the Denver Broncos in March of 2022. Before the next season started, he signed an enormous contract with his new team. The deal was worth $245 million over five years, with Wilson and the team expecting many fruitful years together. Instead, Wilson appeared in only 30 games across two seasons, and the Broncos will be releasing him in a week and a half.
Denver announced it’s going to cut Wilson on March 13, the official start of the new season. As a result, they’ll owe $85 million in dead money, which is a salary cap hit that the team can’t use to sign other players.
That $85 million is a record in dead money charges — by an enormous margin. In fact, it’s higher than the previous two highest dead cap charges combined. The Atlanta Falcons owed $40.5 million after releasing Matt Ryan in 22 and the Green Bay Packers had a dead money charge of $40.3 million after trading Aaron Rodgers to the New York Jets last offseason.
Tom Brady’s $35.1 million dead money charge with the Tampa Bay Buccaneers in 2023 and Carson Wentz’s $33.8 million hit in 2021 with the Philadelphia Eagles round out the top five.
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Wilson has made the Pro Bowl nine times during his 12 NFL seasons, but he was very uneven during his two years in Denver. He took 100 sacks and lost seven fumbles while the team went 11-19 in games he played. He was benched toward the end of last season with the Broncos still mathematically alive for the playoffs, an indication his time in Denver was likely done.
The Broncos will get to decide whether to take a larger cap hit in the 2024 or 2025 season, but they’ll owe the total amount of $85 million over the next two years.
They’ll also look to rebuild with significantly less capital than before Wilson joined the team. The Broncos sent three players and five draft picks to acquire him. The picks included two first-rounders and two second-rounders.
Now, the 35-year-old Wilson will look to sign with another team in need of a quarterback. He won a Super Bowl with Seattle and has publicly expressed a desire to win more championships. Some of the teams with available quarterback roles have a few other holes to fill, but Wilson would be an upgrade in several situations.
Both Wilson and the Broncos hope to move on quickly — though the financial damage from this move will be a reminder of a partnership that didn’t go as planned.