Russell Wilson and Ciara pose at Vanity Fair Oscars party as it emerges they are moving to Pittsburgh, with QB joining the Steelers after $242m Denver nightmare - despite New York Giants holding last minute talks

While Russell Wilson was confirming his reported signing with the Pittsburgh Steelers, he and his singer-actress wife Ciara were strutting the red carpet at the Vanity Fair Oscars Party on Sunday in Los Angeles.

The soiree at the Wallis Annenberg Center for the Performing Arts in Beverly Hills also included other Hollywood A-listers, such as Chrissy Teigen, Kerry Washington and Donald Glover, but Wilson may have been the most newsworthy attendee on Sunday night.

It was only hours earlier that multiple reports emerged that the former Super Bowl winner would be signing a one-year deal with the Steelers after being cut by the Broncos, who will be paying the remainder of his $37.8 million salary while he plays for Pittsburgh.

Wilson then ostensibly confirmed the reports, posting a montage on social media of black-and-gold-clad Steelers fans waving the 'terrible towel' in the Acrisure Stadium stands.

Rather than black and gold, Wilson donned a white suit with a white shirt and sunglasses, while Ciara wore a slightly sheer gown.

Russell Wilson and Ciara arrive at the Vanity Fair Oscar party after the 96th Academy Awards

Ciara will be spending Sundays in Pittsburgh this season to catch her Steelers QB husband 

Russell Wilson and Ciara attend the 2024 Vanity Fair Oscar Party Hosted By Radhika Jones

For Wilson, the one-year deal with Pittsburgh is a tremendous opportunity following his ugly exit in Denver. Other teams were reportedly interested in adding the former Seahawks star and he even met with the New York Giants before signing with the Steelers, according to CBS Sports.

But for Pittsburgh, the risk of signing Wilson was relatively minimal.

By cutting Wilson two years after he signed a five-year, $245 million extension, the Broncos are shoulder the financial burden. And even though Steelers general manager Omar Khan expressed 'full faith' in quarterback Kenny Pickett less than two weeks ago, it is widely expected that the 35-year-old Wilson will be starting for head coach Mike Tomlin's team.

'Russell Wilson doesn't go anywhere that he doesn't think that he isn't going to be the starter,' ESPN's Adam Schefter said Sunday.

Double negative aside, Schefter was indicating that Wilson will resume his status as a starting NFL quarterback after being benched in Denver last year.

Wilson was 11-19 in two seasons with the Broncos after being acquired in a trade from Seattle. He bounced back from a dreadful 2022 season and threw 3,070 yards, 26 touchdowns and only eight interceptions, but still lost his job to Jarrett Stidham after going 7-8 in coach Sean Payton's first season last year.

Perhaps due to his poor play in Denver, Wilson's arrival has failed to make any impact on the Steelers' Super Bowl aspirations. Prior to his arrival, Draft Kings had the Steelers as a +7500 longshot to win the Super Bowl, and that figure remained the same after Wilson's agreed to join Pittsburgh.  

Wilson was benched during the 2023 season, which was considered a controversial move

Wilson was supposed to be the franchise QB in Denver when he joined the Broncos in 2022

On former NFL receiver Brandon Marshall's podcast last month, Wilson repeated his contention that the Broncos threatened to bench him at midseason if he didn't adjust an injury guarantee in his contract – something the team has called a mischaracterization.

Wilson declined to remove the injury guarantee from the approximately $245 million contract he'd signed about a year earlier and ended up starting seven more games before Payton benched him for Stidham.

The divorce is a costly one for the Broncos, however. They still owe Wilson his $39 million salary for 2024 the veteran's minimum salary of $1.21 million he will get from Pittsburgh.

The Broncos also will take a record $89 million hit in dead cap charges over the next two seasons, which will crimp their roster building as they seek to end an eight-year playoff drought that's featured six head coaches and 13 starting quarterbacks since Peyton Manning retired a month after the franchise's third Super Bowl title.

As for Wilson and Ciara, the couple recently welcomed their third child together: Amora Princess Wilson.

In addition to Ciara's oldest son from a previous relationship, nine-year-old Future Zahir, the couple also has six-year-old Sienna Princess and three-year-old son Win Harrison.