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The Denver Broncos hoped Russell Wilson would help end their playoff drought stretching from the 2016 NFL season. Hence, they traded five draft picks and three players to the Seattle Seahawks to get him.
The Broncos also gave him a five-year, $242.5 million contract extension last offseason, even if he had years left in his active contract with the Seattle Seahawks when they traded for him.
But after two seasons in the Mile High City, the Broncos are leaning toward moving on from the All-Pro quarterback. The Athletic’s NFL Insider, Dianna Russini, tweeted the scenario after Wilson got benched for Week 17.
Broncos looking to cut Russell Wilson during the 2024 offseason
The veteran signal-caller might not figure into the Denver Broncos’ plans, as Russini tweeted:
“Russell Wilson is expecting to be cut by the Denver Broncos in March, per league sources. For almost two months, the quarterback has been starting knowing the organization was most likely going to move on him from after this season.”
Russini added that the potential decision to cut Wilson started to shape up in October regarding his injury guarantees. The Broncos informed his representatives that he would likely lose the starting job if Wilson didn’t agree to defer the guaranteed date for his $37 million injury guarantee in 2025.
That amount will be guaranteed on the fifth day of the 2024 NFL league year (March 17), while his 2024 salary will be guaranteed on March 21. Therefore, the Broncos must decide to cut him before that day or incur the injury guarantees.
But the decision might be final even if the Broncos still have a slim playoff chance by naming Jarrett Stidham as the starter in Week 17 against the Los Angeles Chargers.
If Russell Wilson has played his last game with the Broncos, he will finish the 2023 season with 297 completions for 3,070 yards, 26 touchdowns, and eight interceptions. He also completed 66.4 percent of his throws in 15 games.
Broncos will absorb Russell Wilson’s massive dead money
The Broncos have few options in moving away from Wilson’s mega-extension. Finding a team that will absorb his contract is onerous, given its high value. Likewise, they can distribute his dead money over two seasons if they cut him after June 1, 2024, but it will pay him the $37 million in 2025 injury guarantees.
That’s why Denver is moving on by cutting Russell Wilson early. However, it comes with a heavy price as the team absorbs $85 million in dead money for cutting him early in the 2024 offseason. It’s a massive blow to their cap flexibility for next season as they begin their search for their next franchise quarterback.
