The Denver Broncos notified quarterback Russell Wilson that he'll be released after the new league year begins March 13, the team announced Monday.

Wilson initially signed a massive five-year deal worth $242.6 million with the Broncos in 2022, although he finished with a record of just 11-19 as a starter in Denver while the team failed to make the playoffs in both 2022 and 2023.

While his 2024 salary of $39 million is already guaranteed, the release allowed the Broncos to avoid his $37 million 2025 salary becoming fully guaranteed on March 17. The contract that Wilson signs with an opposing team will be subtracted from the $39 million, which Denver will then have to pay.

Spotrac @spotrac

Russell Wilson's Post June 1st Release<br><br>CAP<br>The <a href="">#Broncos</a> will carry his $35.4M cap hit into June, then take on dead hits of:<br><br>2024: $35.4M<br>2025: $49.6M<br><br>CASH<br>DEN will pay Wilson $39M minus whatever he earns elsewhere ($1.21M minimum)<br><br>Wilson can sign elsewhere starting March 13

However, the move also means that Denver will take on a dead cap hit of $85 million. That's the largest in NFL history, easily surpassing the previous record of $40.53 million.

Anand Nanduri @NanduriNFL

Largest dead cap hits in NFL history:<br>Russell Wilson ($85M)<br>Matt Ryan ($40.53M)<br>Aaron Rodgers ($40.31M)<br>Carson Wentz ($33.8M)<br>Russell Wilson, again ($26M)<br><br>To call this historic is an understatement. <a href="">

If his release is designated as a post-June 1 cut, the $85 million will consist of $35.4 million in 2024 and $49.6 million in 2025 before he's finally off the books completely in 2026.

Tom Pelissero @TomPelissero

Assuming Russell Wilson is designated a post-June 1 cut, the aftermath looks like this for the <a href="">#Broncos</a> ...<br><br>2024: <br>$39 million cash*, $35.4M cap<br><br>2025: <br>$0 cash, $49.6M cap<br><br>2026:<br>Off books<br><br>A $255.4M salary cap makes that pill go down a little easier ...<br><br>(*Minus offsets)

According to OverTheCap.com, Denver was $16.354 million over the cap in 2024 prior to the release. This number would stay the same if it's designated as a post-June 1 cut, even without the quarterback on the roster.

In 2025, the Broncos would have just over $110.525 million in cap space compared to $104.725 prior to his release.

If Denver keeps the transaction before the new cap year, the team would be about $66 million over the 2024 cap while raising the 2025 cap space to $160.2M.

Now, Denver will presumably look for a much cheaper option under center to begin the 2025 season while the nine-time Pro Bowl quarterback will search for a new home in free agency.