The Broncos are officially moving on from Russell Wilson.
Denver announced on Monday that the team has informed Wilson that he will be released after the start of the new league year on March 13.
“We spoke with Russell Wilson today to inform him of his release after the start of the league year,” Broncos head coach Sean Payton and G.M. George Paton said in a joint statement released by the team. “On behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career.
“As we move forward, we are focused on building the strongest team possible for the 2024 season and beyond. We are excited to improve this offseason and will have the flexibility to get better through the draft and free agency.”
The Broncos acquired Wilson from the Seahawks in March 2022 in exchange for a package that included two first-round picks and two second-round picks. Denver then signed Wilson to a five-year, $245 million extension just before the start of the regular season.
But things went poorly for Wilson and the Broncos from there. The team finished No. 32 in scoring in 2022, with the team’s first 15 games coached by Nathaniel Hackett. In 2023, Wilson was benched late in the season — which made it clear that Denver was looking to move on from the quarterback after the year.
By releasing Wilson, the Broncos will avoid paying $37 million guaranteed in 2025. Wilson is still entitled to $39 million guaranteed in 2024, however.
Denver can spread out the cap hit from Wilson’s contract over multiple seasons by waiting to cut him at the start of the new league year and designating him as a post-June 1 release.
In 2022, Wilson completed 66.4 percent of his passes for 3,070 yards with 26 touchdowns and eight interceptions. Wilson turns 36 in late November.