The Denver Broncos have officially released quarterback Russell Wilson with a post-June 1 designation, opting to spread the $85 million dead cap hit over two years. The team will take a $53 million cap hit in 2024 and a $32 million cap hit in 2025, which is $17.6M less on their current cap number. This decision, including paying out a $22 million option on Wilson's contract, allows the Broncos to manage their salary cap more effectively, creating over $20 million in cap room. The $53 million cap charge for Wilson this season sets a record for the highest single-season cap hit in NFL history, accounting for 20.5% of Denver's adjusted salary cap in 2024.
#Broncos releasing QB Russell Wilson by taking $53 million cap hit on him for 2024. They will have a $32 million cap hit on him in 2025 and then he's finally off the books. https://t.co/GKAkKHjIt6
Broncos will count $53 million of Russell Wilson’s dead cap charges in 2024 after officially processing release, sources say https://t.co/zbANTFqU0S
As expected, the Broncos officially have released Russell Wilson. As not widely expected, they've opted to split the $85M cap charge by taking $53M this year and $32M next year, instead of $35.4M and $49.6M. https://t.co/zHH3zFz9pa
So #Broncos in taking $53 million cap hit this year and $32 million hit next year have opted to pay out a $22 million option on Russell Wilson's contract rather than look to prorate it. Everything will be off the books on Wilson after 2025.
The Denver #Broncos $53M dead cap charge for Russell Wilson this season will represent the highest single season cap hit in any capacity in #NFL history. It accounts for 20.5% of Denver's adjusted salary cap in 2024.
Source says #Broncos release QB Russell Wilson & choose with post-June 1 designation to spread $85 million dead cap hit over two years at $53 million in 2024 and $32 million in 2025. They carved out enough money on cap to do this. Now have a little more than $20 million cap room.
Broncos officially have released QB Russell Wilson with a post-June 1 designation, per source. As was its plan entering free agency, Denver now will spread the cap hit by taking on $53 million in 2024 and $32 million in 2025. https://t.co/fAFl2LOQaX
While we've already have known #Broncos to make Russell Wilson a post-June 1 designation still waiting to see if they'll take a $35.4M cap hit in 2024 and $49.6M one in 2025 or a $53M hit in 2024 and a $32M one in 2025. If it's the latter, that's $17.6M less on current cap number
#Broncos in recent days cleared nearly $50 million of cap room. Now about $31 million under cap. If take the $35.4/$49.6 million split on Russell Wilson cap hit their cap number for this year stays same. If take $53/$32 million split then subtract $17.6 million from 2024 number.
The #Broncos have now freed up $49M of 2024 cap space with: - Justin Simmons' release - Jerry Jeudy's Trade - Mike McGlinchey's conversion - Tim Patrick's restructure - Chris Manhertz's release They approach the tampering period with around $28M to work with.