Russell Wilson Released: Denver Broncos’ $85M Cap Hit Revealed

The day has finally arrived for Russell Wilson! After being benched in the last couple of games for the Denver Broncos, this past NFL season, Wilson knew that his marriage with the Orange team was soon going to be over. Therefore, he decided to sell off his Denver mansion in the market.

In the early week of March, the Broncos then released an official statement that they are going to release Wilson. The quarterback accepted it with a heavy heart, yet admitted his love for his team. Soon after the releasing news, a week later, on Sunday, March 10, Wilson announced his “friendly one-year stint” with the Pittsburgh Steelers! Since then, everyone, including the quarterback himself, was awaiting his release, and now the day has come.

According to NFL insider, Adam Schefter, “Broncos officially have released QB Russell Wilson with a post-June 1 designation, per source. As was its plan entering free agency, Denver now will spread the cap hit by taking on $53 million in 2024 and $32 million in 2025,” which makes a total of $85 million cap hit. Now, Wilson will be officially moving to the Steel City.

Following a week after the Broncos release announcement, Wilson was chosen to sign a $1.2 million deal with the Pittsburgh Steelers. Now, as he is released officially, Wilson might be signing the team as QB1 anytime soon, potentially replacing quarterback Kenny Pickett.

Furthermore, according to Spotrac, “The Denver #Broncos $53M dead cap charge for Russell Wilson this season will represent the highest single season cap hit in any capacity in #NFL history.” And now, as per Broncos beat reporter, Zac Stevens, “By taking $53M in dead cap from Russell Wilson’s contract this year, the Broncos have roughly $25M in cap space this year,” leaving a good contract for the QB.

Russell Wilson’s contract seems less, but it isn’t!

Russell Wilson’s new contract with the Steelers is a bargain, as he’ll be paid only $1.21 million for the 2024 season. This amount is significantly lower than what most quarterbacks earn in the NFL. When the Broncos released Wilson, they were still obligated to pay him $39 million for the upcoming season, regardless of whether he played or not. By signing with the Steelers for a minimum salary, Wilson reduced the Broncos’ financial responsibility to $37.79 million.

If Wilson had signed a more expensive contract with the Steelers, the Broncos would have owned him less money. Opting for a cheap contract benefits Wilson made himself a more attractive free agent among other available quarterbacks, and created a low-risk move for the Steelers with the potential for high rewards, thus somewhat securing his future in the league.

What a move, Wilson!

Read more: Hours After Oscar Party, Russell Wilson Shares 1st Words as a Steeler