The Denver Broncos and Russell Wilson only have kind words for each other after they officially separated on Monday, March 4.
The Broncos officially let go of the 35-year-old quarterback after two seasons where they did not even make the postseason.
Wilson was traded to Denver from the Seattle Seahawks in March of 2022. By September of the same year, he signed a five-year, $245 million contract extension. The amount of $165 million was guaranteed.
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"We spoke with Russell Wilson today to inform him of his release after the start of the league year," Broncos coach Sean Payton and general manager George Paton said in a joint statement.
"On behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career.
"As we move forward, we are focused on building the strongest team possible for the 2024 season and beyond. We are excited to improve this offseason and will have the flexibility to get better through the draft and free agency."
Was it the right decision for the Broncos?
Although his field play as a Bronco is not among his best as a professional quarterback, the reason why he was let go was more on the financial side.
It was reported that the team tried to convince Wilson to find a creative way to adjust his $37 million guaranteed money, but he refused.
"They came up to me at the beginning of the bye week-Monday or Tuesday-and told me that if I didn't change my contract, my injury guarantee, that I'd be benched for the rest of the year ... I was definitely disappointed about it," Wilson said last year.
"I wasn't going to take away injury guarantees. This game is such a physical game. I've played for 12 years and that matters to me."
Wilson, who threw for 3,070 yards, 26 touchdowns, and eight interceptions last season, was supposed to earn more than $240 million in the next five years.
However, the Broncos will take a league-record $85 million in dead money with the release.
"The organization get hit with dead money after the decision. They have to make the decision this early as keeping him by the fifth day of the league year would mean guaranteed $37 million expenses, Wilson's base salary for 2025."
The best part about releasing him now and not before the season starts is that they can split the $80 million dead money between 2024 ($35 million) and 2025 ($50 million).
The salary cap was also raised this year. That means the Broncos will have more flexibility and wiggle room to sign a quality player.
The Broncos can still get competitive. Wilson and Payton were not a good fit anyway.
The Tampa Bay Buccaneers underwent the same financial ordeal last year, but they still managed to become competitive and reached the NFC Championship last season.
The Broncos will find a way.
Related article: Broncos Set to Take an NFL Record for Dead Cap Money After Cutting Russell Wilson
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