Russell Wilson to Be Released by Broncos on March 13, Will Become NFL Free Agent

The Denver Broncos have released quarterback Russell Wilson, ending a much-hyped but ultimately bitterly disappointing two-year stretch with the team.

In a statement released on Monday, the Broncos said they have informed Wilson he will be released when the new league year begins on March 13.

Tom Pelissero of NFL Network broke down the ramifications of the move:

Head coach Sean Payton told reporters on Feb. 27 at the NFL Scouting Combine that a decision on Wilson's future with the team would come "within the next two weeks."

The Broncos went all-in on Wilson in March 2022, trading a host of players and picks to the Seattle Seahawks and signing the nine-time Pro Bowler to a five-year, $242.6 million extension.

Wilson's first season was nothing short of disastrous, as he finished 27th in quarterback rating out of 33 qualified signal-callers. The Broncos finished the year last in scoring, and first-year head coach Nathaniel Hackett was fired following a 4-11 start. Denver ended the year 5-12, last in the AFC West.

A new regime led by ex-New Orleans Saints head coach Sean Payton was ushered in, and the 2023 campaign did bring more success. Despite a 1-5 start, Denver rallied for five straight wins, including victories over AFC playoff teams in the Kansas City Chiefs and Buffalo Bills. That put the Broncos right in the AFC postseason mix.

However, the team then sputtered to a 1-3 run capped by a 26-23 loss to the 4-11 New England Patriots.

The beginning of the end of the Wilson era soon occurred on Dec. 27, when the Broncos announced that Jarrett Stidham would start the team's final two games in Wilson's place.

Head coach Sean Payton told reporters that the team needed to "get a spark offensively."

"I can tell you we're desperately trying to win," Payton told reporters.

"Sure, in our game today there are economics and all those other things, but the No. 1 push behind this—and it's a decision I'm making—is to get a spark offensively."

The economics told another story, which Bleacher Report's Jordan Schultz relayed.

Albert Breer of Sports Illustrated also offered more insight.

There's also the matter of having Wilson avoid the possibility of failing a physical to avoid paying $37 million in guarantees next March, per ESPN's Jeff Legwold.

"The quarterback change helps increase the Broncos' financial flexibility this upcoming offseason, as Wilson will make an additional $37 million in guaranteed money if he can't pass a physical by early March. An injury to Wilson in either of Denver's last two games of the season could trigger that guarantee."

And then news broke from The Athletic's Dianna Russini that Wilson was expecting to be cut in March.

Wilson did fare far better under Payton, completing 66.4 percent of his passes for 3,070 yards, 26 touchdowns (to just eight interceptions) and a 98.0 quarterback rating (seventh in the NFL).

Ultimately, the economics of the situation dwarfed any improvement the 35-year-old Wilson made year-over-year, and now he will no longer be a Bronco one week from Wednesday.