The Denver Broncos are moving on from Russell Wilson.
The Broncos announced on Monday that they will release the one-time Super Bowl champion and nine-time Pro Bowl quarterback after the new league year begins March 13.
The Broncos' release off Wilson will come just two years after the team paid a steep price, including two first-rounders and two second-rounders, to acquire him from the Seattle Seahawks. Denver then gave Wilson a five-year, $245 million extension before he took his first official snap with the team.
But while Wilson will no longer be in Denver, the Broncos will certainly still feel his presence when it comes to roster-building.
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That's because cutting Wilson will leave the team with an $85 million dead salary cap charge, which is the largest figure in NFL history.
The Broncos will be have the ability to spread out Wilson's dead money over two seasons. Cutting Wilson with a post-June 1 designation would create dead cap charges of $35.4 million in 2024 and $49.6 million in 2025, per NFL Network's Tom Pelissero.
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According to Spotrac, Denver could also opt to eat a bigger share of the dead money this year by converting a $22 million bonus into immediate salary, which would create dead cap charges of $53 million for 2024 and $32 million for 2025.
Either way, the Broncos are in line to incur two of the largest single-season dead caps hits ever and in consecutive seasons. According to Spotrac, the previous single-season highs for dead cap charges are Matt Ryan at $40.5 million (Indianapolis Colts, 2022), Aaron Rodgers at $40.3 million (Green Bay Packers, 2023) and Tom Brady at $35.1 million (Tampa Bay Buccaneers, 2023).
The Broncos also on the hook for Wilson's $39 million salary in 2024. Although, the 2024 salary figure Wilson receives from his next team will be subtracted from the amount Denver owes.
