The Broncos have a decision to make about quarterback Russell Wilson, soon.
Will they allow $37 million in 2025 salary to become guaranteed in March 2024, or will they move on? At this point, there’s no obvious right or wrong answer.
Wilson was asked about his future after the Christmas Eve loss to the Patriots.
“I’m just worried about next week and playing great football,” Wilson said. “I came here to win and win a championship for us and to find a way to do that. I obviously love being here with these guys, these teammates. I’m excited to keep playing ball and playing hard for us.”
There would be significant cap consequences for moving on. A pre-June 1 trade would result in a $72 million cap charge for 2024. A release with a post-June 1 designation would limit the cap charge in 2024 to $35.4 million ($10 million signing bonus proration, $8.4 million option bonus proration, $17 million fully-guaranteed salary). Then, in 2025, the Broncos would absorb another $53.6 million in dead money.
While that seems like a lot (because it is), allowing another $37 million to fully vest would result in a cap charge of $35.4 million to keep him in 2024, along with a cap charge of $55.4 million in 2025 to keep him.
From a cap standpoint, then, it will be a little cheaper to cut the cord. The team also would save $37 million in cash.
Coach Sean Payton is a believer in not doubling down on a mistake in an effort to justify it. If Payton decides that the contract given to Wilson (at a time when they didn’t need to give him a contract) was a mistake, Payton will want to rectify it, not ignore it.
There’s a middle ground to consider. Wilson and the Broncos could come up with a revised contract that better reflects his current value. That would depend, of course, on his current value elsewhere. What would he get on the open market? To know that is to know whether to accept whatever the Broncos might propose by way of a reduced deal.
Wilson played poorly last year. This year, he has played very well at times. The question is whether he’s playing well enough to justify the current contract.
However it works out, the Broncos are facing a $37 million decision. The deadline is the fifth day of the league year in March. It will be here before they know it. Whether they can find a way to the playoffs at 7-8 might go a long way toward helping them resolve it.
