The Broncos officially confirmed on Monday their decision to part ways with Russell Wilson, signaling the conclusion of his disappointing tenure with the team. While the move won’t take effect until the start of the new league year, Wilson is already on the lookout for potential landing spots.
According to ESPN’s Jeremy Fowler, Denver has no objections to Wilson immediately engaging in negotiations with interested teams. Despite still being under contract with the Broncos until March 13, Wilson effectively becomes a free agent, with the team permitting him to explore his next destination.
Despite the Broncos owing Wilson $39 million in guaranteed compensation for 2024, any contract he signs with a new team will offset a portion of Denver’s obligations. Given Wilson’s current market value, it’s likely that he will opt for a short-term, cost-effective deal as he enters the next phase of his NFL career.
As the offseason progresses, several teams will be in search of a veteran quarterback. While Wilson may not command as much attention as Kirk Cousins or Baker Mayfield, he could still be seen as offering greater potential than other transitional options like Jacoby Brissett or Ryan Tannehill.
Regarding the Broncos’ quarterback situation, Ian Rapoport of NFL Network suggests that Jarrett Stidham could step into the QB1 role, particularly if Denver opts not to select a quarterback in the first round of April’s draft. Although circumstances under center may evolve in the coming months, Stidham, who signed a two-year deal last offseason, has received backing from the coaching staff. However, the team’s flexibility in pursuing high-priced free agents may be constrained due to the salary cap implications of Wilson’s release.
Regarding the logistics of Wilson’s departure, Mike Florio of Pro Football Talk reports that Denver has yet to finalize its approach to cutting ties with the quarterback. The decision on whether to exercise a guaranteed $22 million payment next week as an option bonus, or as base salary if declined, will impact the associated salary cap charges. Depending on the chosen option, the Broncos could face substantial dead money in 2024 and beyond. As Wilson embarks on securing a new contract, the team will need to navigate these financial considerations carefully.