By Steve Almasy, CNN
(CNN) — Russell Wilson’s short and disappointing stay in Denver will come to an end when the Broncos release the 35-year-old quarterback March 13 at the start of the NFL year, the team announced Monday.
General manager George Paton and head coach Sean Payton said the decision will help the team moving forward.
“We are excited to improve this offseason and will have the flexibility to get better through the draft and free agency,” they said in a statement posted on X.
Wilson’s two seasons in Denver have been disappointing for both the front office and fans, with the team missing out on the playoffs twice and with the nine-time Pro Bowler being benched at the end of the 2023 campaign.
The Broncos won once and lost once with Jarrett Stidham starting in place of Wilson as the Broncos slumped to an 8-9 finish to their year, the team’s seventh consecutive losing season.
Per salary tracking website Spotrac, Wilson will still affect the Broncos’ salary cap in 2024 and 2025. Denver owes Wilson $39 million next season, minus whatever his new team pays him. The NFL recently announced the salary cap would be increased to $255.4 million per team.
Per the NFL, the Broncos will incur $85 million in dead salary over the next two years by releasing Wilson, which will be the largest dead cap hit in NFL history.
In a social media post, Wilson thanked the fans, teammates, team employees and his pastor.
“Tough times don’t last but tough people do. God’s got me,” he wrote. “I’m excited for what’s next.”
In 2022, Wilson was traded from the Seattle Seahawks to the Broncos in exchange for a huge haul, including two first-round draft picks, two second-rounders, a fifth-rounder, quarterback Drew Lock, defensive tackle Shelby Harris and tight end Noah Fant.
In his two seasons in Denver, he went 11-19.
CNN’s Ben Morse and Homero De la Fuente contributed to this report.
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