Russell Wilson’s time with the Broncos is coming to an end.
Wilson was informed by Denver he will be released as soon as the new league year begins, wrapping up a disappointing two-year stint with the Broncos after he arrived with plenty of hype.
The Broncos traded a lot to acquire someone they believed would be the next franchise quarterback. They sent Drew Lock, Shelby Harris, Noah Fant, a 2022 first-round pick, a 2023 first-round pick, a 2022 second-round pick, a 2023 second-round pick and a 2022 fifth-round pick for Wilson and a 2022 fourth. Denver then inked Wilson to a massive five-year, $ 245 million extension that included $ 165 million guaranteed. In total, that extension put Wilson on a seven-year, $ 296 million contract.
The decision to cut Wilson was not made lightly. Though many expected he would wind up being cut, the amount of money Wilson was owed due to that extension meant Denver would take on a lot of unused money on its books for several more years.
MORE: Where will Russell Wilson land after release?
Dead cap money is different than the other money spent on the roster for the Broncos. Here’s what you need to know about dead cap in the NFL.
What is dead cap in the NFL?
There are a lot of moving parts to the NFL salary cap. And dead cap is an important piece of the puzzle.
Dead cap is the charge to the salary cap for a team that is paying a player who has been cut. The number can theoretically pile up quite high depending on the amount of players cut or the value of cut players’ contracts.
It is possible to lessen the impact of dead caps hitting the books hard. Teams that spend less on the salary cap one year can rollover that space into the next, helping to pay off leftover contracts.
MORE: 2024 NFL salary cap, explained
Dead cap money meaning
Dead cap money is whatever winds up being left over from a cut player’s contract in guarantees. That includes remaining bonus money as well as any salary figures he would be due later.
Take Wilson as an example. Wilson had five years left on his contract, but had already received $ 20 million of his $ 50 million signing bonus. He also already received his $ 5 million roster bonus and $ 2 million salary in 2022, and his $ 4 million option and $ 8 million salary in 2023, meaning he earned $ 39 million from Denver over his first two years.
Wilson’s deal still included $ 38 million in roster bonuses and $ 30 million from his signing bonus. That means the Broncos are on the hook for $ 68 million for his remaining bonuses. The only other guarantee left in Wilson’s deal was his 2024 base salary, which was $ 17 million. Add that to the $ 68 million, and the Broncos are left with $ 85 million in dead money for Wilson.
How does dead cap hit work?
The Broncos will have two options with handling Wilson: officially release him pre-June 1 or post-June 1. The differences are significant.
Teams that release a player before June 1 take on all the dead cap in the upcoming year. That would mean the Broncos wold take on $ 85 million in dead cap in 2024, a massive hit. However, should Denver make him a post-June 1 designation, the money would be split between 2024 and 2025.
In 2024, the Broncos would be hit with bonuses from the current season of Wilson’s contract and any remaining guaranteed salary or roster bonus. The 2025 season would take on the rest of his bonuses that would have been given to him later in his deal.
MORE: Who are Broncos taking in SN’s latest mock draft?
Wilson would earn a $ 17 million salary in 2024, a $ 10 million signing bonus and an $ 8.4 million option bonus. That all adds up to $ 35.4 million owed that would be in dead money in 2024. That leaves his remaining bonuses, which total $ 49.6 million, to hit the books in 2025.
What does that mean for Denver? Well, that’s going to be $ 35.4 million less in cap space the Broncos will have in 2024 and $ 49.6 million less in cap space in 2025. Dead cap hits work the same as salaries and bonuses that all count toward the salary cap.
NFL salary cap 2024
The NFL salary cap in 2024 is set at $ 255.4 million, a drastic leap up from $ 224.8 million in 2023. That will give the Broncos some extra room to handle the Wilson contract.
Largest dead cap hits 2024
The Broncos have not officially designated Wilson, meaning his dead cap hit has not been assigned yet. Most expect it will be a post-June 1 designation, meaning it would come as $ 35.4 million, which would currently push the Broncos to having the largest dead cap hit in the NFL, per Spotrac.
| Team | Dead cap |
| Tennessee Titans | $ 31,837,758 |
| New York Jets | $ 29,057,082 |
| Los Angeles Chargers | $ 24,536,666 |
| Detroit Lions | $ 23,054,506 |
| Washington Commanders | $ 21,933,515 |
| Tampa Bay Buccaneers | $ 21,887,281 |
| New York Giants | $ 19,060,853 |
| Miami Dolphins | $ 16,815,906 |
| Buffalo Bills | $ 16,216,044 |
| Houston Texans | $ 15,384,777 |
| Las Vegas Raiders | $ 15,001,163 |
| Cleveland Browns | $ 14,972,779 |
| Dallas Cowboys | $ 14,771,498 |
| Arizona Cardinals | $ 14,151,584 |
| Green Bay Packers | $ 12,574,928 |
| Denver Broncos | $ 11,744,789 |
| Minnesota Vikings | $ 11,557,539 |
| New England Patriots | $ 11,402,741 |
| Chicago Bears | $ 10,543,063 |
| Jacksonville Jaguars | $ 10,050,195 |
| Pittsburgh Steelers | $ 9,539,634 |
| Carolina Panthers | $ 9,230,997 |
| San Francisco 49ers | $ 9,157,616 |
| Baltimore Ravens | $ 9,089,863 |
| Indianapolis Colts | $ 8,422,274 |
| Philadelphia Eagles | $ 7,975,898 |
| Kansas City Chiefs | $ 6,751,275 |
| Atlanta Falcons | $ 5,533,101 |
| Los Angeles Rams | $ 3,873,433 |
| New Orleans Saints | $ 2,840,953 |
| Cincinnati Bengals | $ 1,775,689 |
| Seattle Seahawks | $ 254,494 |
Largest dead cap hits ever
Wilson is set to top the list of the largest dead cap hits in NFL history. It will be his second time appearing on the list, per BetMGM.
| Player | Team | Dead cap |
| Russell Wilson | Broncos | $ 85 million |
| Matt Ryan | Falcons | $ 40.53 million |
| Aaron Rodgers | Packers | $ 40.313 million |
| Carson Wentz | Eagles | $ 33.8 million |
| Russell Wilson | Seahawks | $ 26 million |
| Julio Jones | Falcons | $ 23.25 million |
| DeAndre Hopkins | Cardinals | $ 22.6 million |
| Jared Goff | Rams | $ 22.2 million |
| Brandin Cooks | Rams | $ 21.8 million |
| Antonio Brown | Steelers | $ 21.1 million |
