The Denver Broncos benched quarterback Russell Wilson Wednesday, which means they'll probably release him this offseason. It will be a costly move.
Mike Florio of Pro Football Talk speculated the franchise will cut him before the fifth day of the league year in March to avoid paying his 2025 salary ($37M), which would become fully guaranteed if he's still on the roster in 2024.
"The transaction will result in $89 million in cap charges, arising from money already paid and his 2024 fully guaranteed compensation of $39 million," wrote Florio. "The Broncos can either take the entire hit in 2024, or they can designate Wilson as a post-June 1 release and limit the cap charge to $35.4 million in 2024 and $53.6 million in 2025."
While cutting him carries massive cap hits, it doesn't make sense for Denver to keep a QB it no longer wants to build around. The 35-year-old is in the second year of a five-year, $242.5M contract with $161M guaranteed.
"It's still better than the cap consequences of keeping him," wrote Florio. "His cap number for 2024 would be $35.4 million under his current deal, along with $55.4 million in 2025. That's $90.8 million. Also, cutting him saves $37 million in cash."
During his Wednesday news conference, Denver head coach Sean Payton claimed benching the former Pro Bowler was a football move, not an economic one. However, he's bluffing. Wilson — tied for sixth in the league in TD passes (26) — gives the Broncos (7-8) a better chance to win than backup Jarrett Stidham, who's made two starts in five seasons.
Jarrett Stidham signed a 2 year, $10M free agent contract with the #Broncos this offseason that contained $5M fully guaranteed, including $1M of his 2024 salary.
— Spotrac (@spotrac) December 27, 2023
He carries a $7M cap hit against $6M cash next season.https://t.co/iabOSnNF5T
Spotrac estimated Denver will be $20.9M over the cap in 2024. Since the Broncos probably aren't making the playoffs, they want to upgrade their roster, and Wilson's deal makes that a more challenging process.
The Broncos made a mistake when they gave him an extension after trading for the former Seahawks star in 2022. It has created a gigantic mess for the organization.
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