LATEST NEWS: The Denver Broncos have officially released quarterback Russell Wilson, making this move on ….

The Denver Broncos have officially released quarterback Russell Wilson, making this move on the first day of the 2024 league year and declining to pick up an option in the process. As a result, Wilson will incur a dead cap charge of $53 million against Denver’s salary cap in 2024, followed by $32 million in 2025. These “dead cap” charges would have totaled $85 million regardless; however, the Broncos could have chosen to allocate $35.4 million this year and $49.6 million in 2025.

While the calculations may be intricate, the main point is that the Broncos are choosing to absorb the larger portion of Wilson’s significant dead cap charge sooner rather than later. This decision grants the team more flexibility in 2025 while burdening them with an additional $17.6 million in dead cap charge for the current year.

General manager George Paton previously indicated that Denver would take a strategic approach rather than an aggressive one in free agency. In alignment with this strategy, the Broncos have restructured contracts for defensive lineman Zach Allen and left guard Ben Powers in recent days, freeing up an extra $20 million in cap space for 2024. Although this space may not be immediately necessary for signing free agents, it provides the flexibility to consider additional player acquisitions while accommodating the larger portion of Wilson’s cap charge.

The total dead cap charge of $85 million for Wilson surpasses any previous single-player dead cap charge in NFL history. Prior to Wilson’s release, the Broncos already had approximately $14.1 million in dead cap charges from the releases of several players. Including Wilson’s 2024 total, the Broncos’ dead cap charge reaches about $67 million.

Despite the unprecedented nature of Wilson’s dead cap charge, the Broncos are determined not to let it hinder their competitiveness in the upcoming seasons. Other playoff-bound teams in 2023, such as Tampa Bay, Green Bay, and the Los Angeles Rams, also faced similarly large dead cap totals.

Although many projections, including those from OvertheCap, factored in Wilson’s initial $35.4 million cap number for 2024, his additional $17.6 million cap hit, combined with other minor deals being processed, likely leaves the Broncos with around $20 million to $22 million in cap space.

Wilson has announced his intention to sign with Pittsburgh after his release is finalized, where he will earn the veteran minimum of $1.21 million, with the remaining $37.79 million to be covered by the Broncos.