The biggest takeaway from Wednesday's surprise news that the Broncos have benched quarterback Russell Wilson is that the Broncos will release him before another $37 million in future salary moves from guaranteed due to injury to fully guaranteed. This must occur between the first day of the waiver period (immediately following the Super Bowl) and the fifth day of the league year, which begins March 13.
The transaction will result in a cap hit of $89 million, comprised of amounts already paid and his fully guaranteed 2024 compensation of $39 million. The Broncos can either take the entire hit in 2024 or they can designate Wilson for release after June 1 and cap the cap hit at $35.4 million in 2024 and $53.6 million in 2025 .
The Broncos would eventually receive credit for Wilson's earnings elsewhere in 2024. If he inherits the one-year veteran minimum of $1.21 million from his next team, that's all the Broncos will receive in credit.
It's still better than the consequences of keeping him. His cap number for 2024 would be $35.4 million under his current contract, along with $55.4 million in 2025. That's $90.8 million. Plus, cutting saves $37 million in cash.
Will this impact Denver's ability to field the most competitive team possible in 2024? Secure. But it won't be impossible. The Buccaneers are closing in on the division championship despite having more than $75 million in dead money, $35 million of which comes from Tom Brady. Additionally, as the cap continues to rise, the relative impact of the seemingly staggering cap fees continues to diminish as the cap continues to rise.