Denver Broncos inform Russell Wilson he is being released, allowing the franchise to avoid an extra $37million fully guaranteed... as Sean Payton looks to start fresh

The Denver Broncos are officially moving on from quarterback Russell Wilson, it was announced on Monday. 

The Broncos have informed the 35-year-old that he is being released when the new league year starts on March 13, the franchise announced in a statement. 

The move means Denver will avoid an extra $37 million fully guaranteed but it marks a multi-million-dollar disaster for the team, who will be left with a massive $85 million in dead cap charges. 

The veteran signal caller will now be available as an option for teams in the market for a starting quarterback. 

'We spoke with Russell Wilson today to inform him of his release after the start of the league year,' general manager George Paton and Sean Payton said in a joint statement. 

The Denver Broncos are officially moving on from quarterback Russell Wilson

Wilson joined the Broncos after spending his first ten seasons with the Seattle Seahawks 

'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.'

Wilson's release comes after a bitterly disappointing two-year stint in Denver, which ended with him being benched towards the tail end of the 2023 season. 

However, he penned a touching statement thanking everyone within the organization, including the cafeteria staff.

'Over these last two years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community,' Wilson said shortly after the news broke.

'This city will always hold a special place in my heart. Our family grew here, we made countless memories and friendships, and formed relationships that will last a lifetime.

'To my teammates, thank you for going to battle together and for being there through it all.

'There are so many moments I cherish because of you and I am blessed for the impact you have made on my life. I am beyond grateful for all of you and to have been able to run out as your teammate was an honor.

'[...] I'll never forget Wendy & Brandy in the cafeteria! Daily bringing the good food, but the even better jams! Thank you for always being uplifting.'

After his worst season in 2022, Wilson's numbers went up upon Sean Payton's hiring in Denver

Payton decided to bench Wilson late last season after a Christmas Eve loss to New England 

The quarterback went on to tease the next chapter, adding: 'Tough times don't last, but tough people do. God's got me. I am excited for what's next.'

Wilson had the worst season of his career in 2022, throwing for only 16 touchdowns with 11 interceptions. However, the veteran quarterback's numbers improved in 2023 upon Sean Payton's hiring as the Broncos' head coach. 

Wilson's clutch play led Denver to a five-game win streak that brought them into playoff contention after a 1-5 start. However, their continued struggles, particularly in the end zone, led to friction between Payton and Wilson. 

The animosity was on display in December when Payton was seen berating Wilson on the sideline during a loss to the Detroit Lions. 

Another factor to the release was how the Broncos approached Wilson's representation in October about adjusting the trigger date of the injury guarantee in his contract. Wilson said that the meeting included a threat of being benched if he did not agree to the adjustment. The quarterback's camp have reportedly informed the NFLPA and the NFL about the conversation. 

The negotiations were dropped and Wilson started the next seven games. However, after a stunning loss to New England on Christmas Eve, Payton decided to bench Wilson as their playoff hopes faded. 

As he enters free agency for the first time, Wilson finished his final season in Denver with 3,070 yards, 26 touchdowns and eight interceptions. Over his 12-season career, the quarterback boasts a 64.7 completion percentage. He spent first ten seasons in Seattle where he won a Super Bowl 2013.