Broncos releasing Wilson, taking record cap hit

The Denver Broncos informed quarterback Russell Wilson that he'll be released when the new league year opens, the team announced Monday.

"Over the last two years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community," Wilson said in a statement.

"This place will always hold a special place in my heart. ... Tough times don't last, but tough people do. God's got me. I am excited for what's next."

The Broncos will carry $85 million in dead money, exceeding the previous league record of $40.5 million that the Atlanta Falcons incurred after trading former NFL MVP Matt Ryan, per Over The Cap's Jason Fitzgerald.

Denver still owes Wilson $39 million in salary ahead of his departure, but avoids guaranteeing $37 million in salary by moving on from the veteran passer.

The Broncos acquired Wilson in 2022 from the Seattle Seahawks for two first-round picks, two second-round picks, a fifth-round pick, quarterback Drew Lock, defensive tackle Shelby Harris, and tight end Noah Fant. He then signed a five-year, $245-million contract extension with the club in August.

The 35-year-old failed to provide the Broncos with adequate quarterback play in his first season, going 4-11 in 15 starts with 16 touchdowns and 13 turnovers. Head coach Sean Payton kept Wilson as his starter last year, but the Wisconsin product failed to live up to expectations. He went 7-8 and was ultimately benched for the team's final two contests.

Wilson finishes his Broncos tenure having thrown for 6,594 passing yards with 42 touchdowns and 19 interceptions.