Russell Wilson, a nine-time Pro Bowl quarterback, is anticipated to be cut by the Denver Broncos before his $37 million in injury guarantees begin to accrue on March 17.
Their choice to let go of the 35-year-old signal caller was somewhat facilitated on Friday when the NFL declared that the 2024 salary cap would reach a record-breaking $255.4 million.
REPORT: The Broncos could release Russell Wilson as early as this week, per @JFowlerESPN pic.twitter.com/t1bShsSYOL
— Denver Broncos 365 (@DailyBroncos) February 23, 2024
Following the news, the Broncos’ cap excess decreased from around $26 million to $10.7 million. Additionally, the portion of their cap impacted by the dead money that accumulated after Wilson was cut (likely due to a post-June 1 designation) decreased as well.
According to the Denver Post, Denver has the option to either absorb the entire $85 million dead cap charge in 2024—more than double the record for an NFL player—or split it over the following two seasons.
The first option would be to split it equally, with $53 million going toward the 2024 cap and $32 million going to 2025. Alternatively, Denver could shift $49.6 million to 2025 and spend $35.4 million in 2024 (Wilson’s contract, if he were playing).
Wilson’s $85 million in dead money would have made up 35.1% of the Broncos 2024 salary cap prior to the cap raise, but it now makes up 33.3%. He would be responsible for 20.8% of the cap instead of 21.9% if they decide to go with the $53M/$32M option, and 13.9% of the cap instead of 14.6% if they choose the $35.4M/$49.6M option.
Whether Wilson is on the team or not, Denver will still owe Wilson $39 million guaranteed in 2024. However, the remaining amount, which will be due when Wilson is formally released, will be slightly easier to handle.
