The Denver Broncos have informed veteran quarterback Russell Wilson that they intend to release him by the first day of the 2024 NFL calendar year. This decision will end his two-year run with the team that traded five draft picks and three players to get him.

Spotrac founder Michael Ginnitti revealed that the Broncos are making the official announcement on March 13 to designate Wilson as a post-June 1 release, allowing them to distribute his whopping $85 million dead cap over two seasons.

The Broncos also plan to activate Wilson’s $22 million option bonus, which they can push into 2025. It will become base salary if they don't, increasing the nine-time Pro Bowler’s 2024 dead cap to $53 million.

But by using the option, the Broncos will absorb a lower dead cap of $35.4 million this season. Next year, Wilson will still count for $49.6 million against the cap.

With his impending release, the Broncos will still pay the difference between his $39 million guaranteed 2024 salary and the contract value he will sign elsewhere. However, Wilson’s playing options in 2024 look bleak. The Atlanta Falcons can take a flyer on Wilson, but they’d find a long-term quarterback solution instead.

The Pittsburgh Steelers is also a potential destination, but head coach Mike Tomlin would still want Kenny Pickett and Mason Rudolph to compete for the starting role.

Russell Wilson could suit up for the veteran minimum in 2024 with his prospects dwindling. What’s more important is the opportunity to continue (and revive) his career because the Broncos got him covered money-wise this season.

-Lance Fernandez