The Denver Broncos are set to release quarterback Russell Wilson after the NFL’s new league year begins on Wednesday, a move that will result in an $85 million “dead money” cap hit that will be spread over two years.
While the release is not yet official, waiting is just a procedural formality. The Broncos gave Wilson permission to speak with other teams before the cut becomes official, and the quarterback quickly agreed to a (pending) deal with the Pittsburgh Steelers.
Denver will owe Wilson his full 2024 salary minus whatever his next team agrees to pay him. So, for example, if the Steelers gave Wilson a $10 million salary, that would be $10 million less the Broncos would have to pay him.
But Pittsburgh isn’t paying $10 million. Wilson agreed to sign a one-year deal with the Steelers worth the league minimum ($1.21 million). That will leave Denver on the hook to pay his remaining $37.79 million salary in 2024.
It’s a way Wilson can help out his new team while also sticking it to his old club (but it’s also unclear if any team would have been willing to pay more than the league minimum). So the Steelers get a bargain while the Broncos are left to pay the tab.
Another wrinkle to the signing: Denver is scheduled to host Pittsburgh this season. So Wilson will have an opportunity to play against the Broncos in 2024 — while they are paying him — and he’ll be eager to prove they made a mistake to cut him. That will be a must-watch game this fall.
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