As expected, Russell Wilson is a free agent.
As not widely expected, the Broncos have opted to take the bulk of the $85 million cap charge in 2024.
PFT has confirmed that the Broncos have released Wilson. That’s something that needed to be done before March 17, at which time his 2025 base salary of $37 million would have become fully guaranteed.
The Broncos designated the move as a post-June 1 release. That will spread the cap charge over two years. However, instead of taking $35.4 million this year and $49.6 million in 2025, they’ve opted to absorb $53 million in 2024 and $32 million in 2025.
The difference comes from the manner in which the team handled his $22 million guaranteed option bonus. By not exercising it, the bonus becomes guaranteed salary and hits the cap completely in 2024. As of last week, the Broncos had not finalized their plan for handling the option bonus.
This approach results in $17.6 million less in 2024 cap space for the Broncos than they would have had, if they’d chosen to take a $35.4 million charge in 2024.
Either way, it ends the relationship with Wilson, and it allows him to collect a minimum salary of $1.2 million from the Steelers, with the Broncos owing him $37.8 million this year.
