The Denver Broncos publicly parted ways with Russell Wilson on Monday.
General manager George Patton and head coach Sean Payton released a joint statement revealing they informed Wilson of his impending release. To do so, they're taking on a massive dead cap hit the likes of which have never been seen in the NFL.
The Broncos dead cap hit for releasing Wilson is a whopping $85 million, accounting for the guaranteed money remaining on his deal at the time of his release. That's more than the previous two records combined.
Largest dead cap hits in NFL history:
— Anand Nanduri (@NanduriNFL) March 4, 2024
Russell Wilson ($85M)
Matt Ryan ($40.53M)
Aaron Rodgers ($40.31M)
Carson Wentz ($33.8M)
Russell Wilson, again ($26M)
To call this historic is an understatement. https://t.co/BeQztvGEin
Broncos dead cap hit for Russell Wilson is $85 million
Wilson signed a five-year $242 million contract with the Broncos in 2022 after they traded a slew of draft picks, including two first-rounders, and three players for him.
That was the best the relationship between the quarterback and the franchise ever got. A disappointing 2022 season put pressure on Wilson to perform with new head coach Sean Payton calling the shots. Their partnership was fraught and ended ugly with Wilson benched to finish the 2023 season.
The Broncos won't have to carry that dead cap all at once. It'll likely be spread over the next two years. Releasing the quarterback now will allow the team to keep Wilson's 2025 salary of $37 million from becoming fully guaranteed.
Assuming Russell Wilson is designated a post-June 1 cut, the aftermath looks like this for the #Broncos ...
— Tom Pelissero (@TomPelissero) March 4, 2024
2024:
$39 million cash*, $35.4M cap
2025:
$0 cash, $49.6M cap
2026:
Off books
A $255.4M salary cap makes that pill go down a little easier ...
(*Minus offsets)
That won't make it any less of a weight on the organization, who need to figure out what to do at quarterback with Wilson out of the picture.
Jarrett Stidham stepped in for Wilson at the end of the campaign, going 1-1 with two touchdowns and an interception. He's under contract for 2024, so the Broncos can move forward with him in the short term while figuring out their other options in the draft or free agency.
Considering the cap hit for a quarterback that won't be on their roster, it would make the most sense for Denver to take a quarterback in the coming NFL Draft.