The Denver Broncos will absorb an NFL-record $53 million in dead cap money with quarterback Russell Wilson’s release, according to multiple reports.
The Broncos made Wilson’s release on Wednesday, the first day of the NFL’s new league year. He was given a post-June 1 designation, meaning the cap hit can be spread over two seasons.
Still, the $53 million penalty is the largest single-season hit in NFL history, according to sports contract database Spotrac. It accounts for more than 20% of the team’s salary cap in 2024, which last month was increased to just north of $255 million per team.
Wilson will also cost the Broncos $32 million against the cap in 2025, according to multiple reports.
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.
— Spotrac (@spotrac) March 14, 2024
It accounts for 20.5% of Denver's adjusted salary cap in 2024.
Denver spent the days leading up to NFL free agency preparing for this. It cleared nearly $50 million in cap space by cutting safety Justin Simmons and tight end Chris Manhertz, trading wideout Jerry Jeudy and restructuring a handful of other contracts.
Those moves allowed them to push a more significant salary cap penalty into a rebuilding year in 2024 to ease the longterm pain of Wilson’s albatross contract.
Wilson, meanwhile, will play for the Pittsburgh Steelers in 2024-25 on a team-friendly deal. Pittsburgh will pay him around $1.2 million, according to several reports.
