DENVER — The Russell Wilson era might be over in Denver, but the former Seahawks quarterback won't exactly walk away empty-handed after he is released by the Broncos later this month.
Almost two years to the day after he was traded to the Broncos, Denver announced Monday that the team plans to release the quarterback from his five-year, $242 million contract it signed Wilson to ahead of the 2022 NFL season.
Now, the Broncos will pay Wilson his $39 million guaranteed salary for 2024 to walk away. Up to this point, Wilson already has collected roughly $124 million from the Broncos since being traded to Denver.
One caveat to that $39 million for next season is any new contract signed by Wilson would be offset against that figure the Broncos owe Wilson. This means that whatever team Wilson ends up with next will likely only pay him the veteran's league minimum, and the Broncos will be on the hook for the rest. The veteran's minimum for someone with as many years of experience in the NFL as Wilson would be roughly $1.2 million, per ProFootballTalk.
While Wilson made nine figures to see his team win just 11 games over two seasons, the Seahawks have posted back-to-back winning seasons. Geno Smith, who was Wilson's backup in Seattle prior to the trade, won the NFL's Comeback Player of the Year Award in 2022 after leading the NFL in completion percentage.
The Seahawks have given indications this offseason that they will potentially select a quarterback in the 2024 NFL Draft, with former Washington Husky Michael Penix Jr. being the most talked-about option among fans in Seattle. The Broncos too will be selecting a QB in this year's draft, while Wilson now has the chance to start fresh after an objectively disappointing run in Denver.