Broncos decide to take record $53M hit on Russell Wilson

Broncos designate Wilson as post-June 1 release, hit record dead cap charge

DENVER (KDVR) — The Denver Broncos are ready to take the hit — make that a $53 million punch in the gut.

On Wednesday, the Denver Broncos officially released Russell Wilson with a post-June 1 designation. With this move, the Broncos will spread Wilson’s $85 million dead cap as $53 million in 2024 and $32 million in 2025.

The $53 million dead cap charge will represent the largest in NFL history. It accounts for 20.52% of Denver’s adjusted salary cap in 2024.

“The decision will be driven by what’s in the best interest of this football team winning games,” owner and CEO Greg Penner said in January at the end of the 2023 season. “We know we have a lot of work to do to get to where we want to be. This offseason is going to be a busy one.”

Broncos carrying $69M dead cap this season

So far this offseason, Denver has restructured the contracts of defensive lineman Zach Allen and left guard Ben Powers, which have yielded an extra $20 million in cap space for 2024. In addition, they traded wide receiver Jerry Jeudy and released Pro Bowl safety Justin Simmons.

At the NFL Combine, general manager George Paton said the Broncos would be “strategic” this offseason.

Counting Wilson’s figure, the Broncos will carry around $69 million of dead cap this season, according to Spotrac.

Wilson agreed to a one-year, league minimum contract of $1.21 million with the Pittsburgh Steelers. This figure and any bonuses achieved for Willson in 2024 will be subtracted from the Broncos dead cap figure in 2025.

The Broncos will host Pittsburgh at Empower Field at Mile High during the 2024 season.