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On March 8, 2022, in a move that sent shock waves through the NFL, the Seattle Seahawks traded their All-Pro Quarterback Russell Wilson to the Denver Broncos in exchange for three then-current NFL players as well as two first-round picks, two second-round picks, and a fifth-round pick. It was a massive haul for just one player, but Denver felt it was worth it, and they got their guy for the next several years. To solidify their decision, they awarded Wilson a $254 million contract extension before he even donned the orange Broncos uniform.
The Denver Downfall
Russell Wilson began his time in Denver facing off against his old team, the Seattle Seahawks, in a game in which Wilson shone with 340 passing yards, though the team itself struggled to get touchdowns. Ultimately, Wilson and the Broncos suffered a 17-16 loss to the Seahawks. As it was a close game and Wilson’s numbers were good, the loss didn’t cause much consternation among the team as they moved on to the next matchup. Over the following two weeks, the Broncos won both their games, increasing their record to 2-1 for the season and leaving them with the sense that they had made up for that week one loss. But what happened next was a foreshadowing of what was to come as the Broncos lost their next four games in a row to bring them to 2-5 for the year. A subsequent win provided a brief glimmer of hope before the team went on to lose the next five in a row. By now, the fanbase and organization had begun to grow weary. Ultimately, the Denver Broncos and Russell Wilson finished their first year together with a 5-12 record. Not exactly what they were hoping for.
The team began the following year with the intention of showing everyone that the prior season was just a fluke. The franchise was certainly biting their collective nails after having forked out so much draft capital plus Wilson’s $254 million salary as they waited to see Wilson pay off his end of the deal. The season, however, couldn’t have begun worse. The Broncos lost their first three games, with one of them being a 70-20 loss to the Miami Dolphins, a game which surely left the fanbase clawing their eyeballs out. This is not what anyone expected to see after giving up so much for a guy and rewarding him with a massive payday. Although the Broncos won their next game, they lost the two following that. Eventually, after their fifth loss of the year, which brought their record to 1-5, they somehow turned things around and won their next five games in a row, beating the likes of the Packers, Chiefs, Bills, and Browns (all of whom made the playoffs this year). It seemed that maybe something had finally clicked. After the five-game winning streak, which brought the team’s record to 6-5, they finished the rest of the year 2-5, bringing them to only an 8-9 record and causing them to miss the playoffs. Oddly enough, the Broncos decided to bench Russell Wilson for the last two games of the year, which was a real head-scratcher considering how much they are paying him. In fact, it was a sign of what was to come.
Russell Wilson Dead Cap Figures
On March 4, 2024, almost two years to the date since the Denver Broncos traded for Russell Wilson and rewarded him with the massive $254 million contract, the team announced the decision to release Wilson at the start of the new NFL calendar year on March 13. The repercussions that come with that decision make it a major shock. In cutting Wilson, the Denver Broncos will owe him $39 million and take a MASSIVE dead money hit of $85 million. The team will have to decide if they want it to hit this next year or in 2025. Regardless, the Broncos will struggle financially for the next two years, while Russell Wilson will be just fine. The records for highest dead cap casualty before this were Matt Ryan and Aaron Rodgers, both at around $40 million. Wilson has doubled those numbers, and when all is said and done, the Broncos may go down in history as having made the dumbest trade and sign of all time.
As of now, it is expected that Wilson will sign with a team for a veteran minimum of $1.2 million, as he has no need to ask for a big contract since he is already getting $39 million from the Broncos. That being said, the Broncos do have a clause in their contract stating that whatever Wilson signs for this next year will be subtracted from what they owe him. So if Wilson does sign for that $1.2 million veteran minimum, the Broncos will only owe him $37.8 million.
Most likely, Wilson will use this as a rebranding year in which he can be the starter and take his new team, whichever it may be, to the playoffs. This will be an important step in showing the NFL that he still has what it takes to be an elite NFL quarterback because, after this year, he will be in need of a new contract. For the time being, though, he can live his life knowing he just got a record severance package and didn’t even have to do anything to earn it. Bravo, Russell Wilson, and best of luck in your next venture.