On March 15, 2024, Russell Wilson signed with the Pittsburgh Steelers. However, the Steelers aren’t the only team paying him this season. In fact, the Denver Broncos are paying Wilson considerably more than the Steelers despite releasing him. Let’s examine Wilson’s contract and how much the Broncos are paying him to play for another team.
Examining Russell Wilson’s Deal
Wilson signed a one-year, $1.21 million contract with the Steelers. Why would Wilson sign such a bargain deal at a time when quarterback salaries are skyrocketing?
Well, because he’s still making $37.790 million from the Broncos this season.
In 2022, shortly after acquiring Wilson in a trade with the Seattle Seahawks, Denver gave Wilson a five-year, $242.6 million extension.
This contract contained offset language, meaning his salary with a new team would be deducted from his remaining Broncos salary. As a result, the veteran quarterback was incentivized to sign the cheapest deal possible this past offseason.
This is why Wilson accepted a bargain contract that makes him one of the NFL’s lowest-paid quarterbacks in terms of annual salary (not counting the money he’s earning from Denver). His deal also contains a full no-trade clause.
Wilson’s salary with the Steelers ranks 64th among quarterbacks this season. In fact, he is the third-highest-paid quarterback on his team, as his salary is lower than Justin Fields’ ($4,717,988) and third-stringer Kyle Allen’s ($1,383,834).
For comparison, the Steelers are paying Wilson less than the salaries of Jacksonville Jaguars QB C.J. Beathard ($1,310,000), Baltimore Ravens QB Josh Johnson ($1,377,500), Minnesota Vikings QB Nick Mullens ($1,900,000), and San Francisco 49ers QB Brandon Allen ($2,020,000).
However, factoring in the money he’s being paid by both teams, Wilson is earning $39 million this year. Here’s a full breakdown:
- Broncos: $37.79 million
- Steelers: $1.21 million
- Total: $39 million
Neither the Steelers nor the Broncos owe Wilson any money beyond this season. He will be an unrestricted free agent this offseason.
However, the Broncos will still carry a $32 million dead cap charge in 2025 after eating a $53 million dead cap hit in 2024. When the dust settles, the Broncos will have absorbed $85 million in dead cap money, the largest amount in NFL history related to one player.