Since Hall of Fame quarterback Peyton Manning departed following the Broncos’ 2015 Super Bowl season, the team has lacked continuity at quarterback until the March 2016 trade for Russell Wilson.
Wilson and a 2022 fourth-round selection were traded to the Seahawks for tight end Noah Fant, defensive lineman Shelby Harris, and quarterback Drew Lock, along with many draft picks (2022 and 2023 first-round picks, 2022 and 2023 second-round picks, and a 2022 fifth-round pick).
According to reports, the Commanders offered the Seahawks three first-round selections in exchange for Wilson, but the quarterback ultimately decided to sign with the Broncos after waiving his no-trade clause. When he was transferred, Wilson still had $51 million and two years left on his deal through the 2023 season.
The Broncos’ bad luck with the trade continues to mount. There is no denying that this is Wilson’s poorest season in his eleven-year NFL career. His completion percentage (60.8%), passer rating (82.5), and touchdown passes are all on pace to be career lows (13). In these three categories, Wilson is tied for 24th in the NFL, 29th overall, and 29th respectively.
At the end of the day Russell Wilson is a GREAT MAN. Football eventually will end but this man’s character is everlasting. @DangeRussWilson ✊🏾 pic.twitter.com/t9limo5vRF
— Myck Miller (@MyckMiller) January 1, 2023
After a 51-14 blowout defeat against a weakened Rams club, first-year head coach Nathaniel Hackett was dismissed despite having a 4-11 record and the team’s high expectations after acquiring Wilson. After the sale of the Broncos to a new ownership group led by Walmart heir Rob Walton in August, the team worsened the matter by extending Wilson’s contract by five years and $245 million.
Wilson’s sudden downturn has cast doubt on how long he will remain in Denver. Due to Wilson’s poor performance, trade is now impossible to consider. The details of Wilson’s contract should shed light on these matters. Because of the new agreement, the Broncos don’t have any simple options.
Wilson’s Contract/Denver’s 2023 Salary Cap
Due to the two remaining contract years, Wilson’s $49 million per year deal will last through the 2028 season. He has a seven-year deal worth a total of $296 million. The contract’s total guarantees of $165 million, of which $124 million are up front, are the second-highest ever in an NFL pact.
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The $124 million signing bonus is prorated on the salary cap at $10 million each year from 2022 through 2026, bringing the total guaranteed amount to $124 million. Two option bonuses are part of Wilson’s contract. When it comes to NFL contracts, the seldom utilized double option bonus is one of the most convoluted designs.
If an option for Wilson’s $45 million 2027 contract year is exercised with a payment of $20 million, then Wilson’s fully guaranteed basic salary for 2023 drops to $8 million. This option is valid from March 15, 2023 (the first day of the 2023 league year) to May 5, 2023 (the fifth day of that year’s league year) (March 19).
For salary cap purposes, it is assumed that option years will be purchased. All option bonuses are spread out throughout the length of the contract (up to a maximum of five years), starting with the league year in which the option is exercised.
Back in on Russell Wilson. pic.twitter.com/KII9AuBWqN
— Football (@BostonConnr) January 2, 2023
In other words, the salary maximum of $20 million will be reduced to $4 million each year between 2023 and 2027 to account for the option bonus of $20 million. Wilson expects Denver’s 2023 salary cap to be $22 million. His salary cap figure now totals $8 million, down from $8 million before prorations for his lowered $8 million basic salary and $10 million signing bonus.
The second option is available from March 1, 2024, through May 5, 2024. (mid-March 2024). Wilson’s completely guaranteed base income drops from $39 million in 2024 to $17 million in 2028 if the $50 million in guarantees for that year, worth $22 million, are paid. The cap figure for Wilson in 2024 is $35.4 million.
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Components include Wilson’s decreased basic salary of $17 million plus prorated amounts of $10 million for his signing bonus, $4 million for his first option bonus, and $4.4 million for his second option bonus. When looking at the salary cap for 2023, the Broncos are in good condition. The highest 51 salaries (or cap figures) are what count throughout the offseason.
According to NFLPA data, Denver has just under $221.25 million in cap obligations for 2023 with 49 players currently under contract. The current available cap space is $10.1 million, which can be used until 2023. If the 2023 salary cap is somewhere around $225 million, the Broncos would have around $12 million in cap space.
Last Lines
The Broncos have had trouble maintaining consistency at quarterback since Hall of Famer Peyton Manning left after their 2015 Super Bowl season.
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