Russell Wilson is no longer one of the NFL’s best quarterbacks, but he has one of the most team-friendly deals in the league. Let’s take a look at Wilson’s contract details, what they mean for the Pittsburgh Steelers’ salary cap, and more financial implications.
What Is Russell Wilson’s Current Deal?
Wilson will be paid by both the Steelers and the Denver Broncos this season.
The Seattle Seahawks traded Wilson to the Broncos in 2022. After the trade, Denver inked the veteran to a five-year, $245 million contract extension with $165 million guaranteed.
At the time, Wilson’s contract contained the second-most guaranteed money in NFL history, trailing only the $230 million that the Cleveland Browns gave to Deshaun Watson.
MORE: Ranking the NFL’s Worst Contracts
Wilson struggled over his two seasons in Denver. And, to avoid paying extra money in injury guarantees, the Broncos benched Wilson late last season, setting the stage for his offseason release. However, Denver still is paying for the Wilson deal — which we’ll get to in a bit.
After a brief free agency tour, Wilson signed with the Steelers in mid-March.
Wilson’s Broncos contract contained offset language that would result in his salary from a new team being deducted from his remaining Broncos salary. Consequently, Wilson was incentivized to sign the cheapest deal possible.
The 35-year-old eventually joined the Steelers on a one-year pact worth $1.21 million, making him one of the NFL’s lowest-paid quarterbacks in terms of annual salary. His deal also contains a full no-trade clause.
In July, Wilson suffered a quad injury that wiped out most of his training camp. He wasn’t placed on injured reserve or PUP but spent the first six weeks backing up starter Justin Fields, who went 4-2 in six starts.
With Wilson finally back to full strength, Mike Tomlin gave him the starting job for Week 7. The once-great quarterback responded by completing 16 of 29 passes for 264 yards, two touchdowns, and zero interceptions in Pittsburgh’s win over the New York Jets.
Russell Wilson on The Rich Eisen Show on Friday #Steelers #NFL pic.twitter.com/UwIpAtHmfk
— Steelers Depot 7⃣ (@Steelersdepot) October 25, 2024
Whether Wilson will remain the Steelers’ starting QB for the rest of the season remains to be seen. Regardless, he’s set to hit free agency next offseason, and it’s fair to wonder whether he’ll get another opportunity to be the top QB on a depth chart.
Now, let’s look at a full picture of the money Wilson will make in 2024.
What Is Wilson’s 2024 Salary?
Wilson’s $1.21 million salary accounts for just 0.5% of Pittsburgh’s salary cap, per Over The Cap. He’s one of the league’s best bargains.
But it’s a different story for the Broncos.
Denver paid $85 million of Wilson’s $165 million guaranteed money before releasing him. And the Broncos still are on the hook for the vast majority of the $39 million that Wilson will make this season.
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.
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.
What Are the Cheapest QB Contracts in the NFL?
Here’s a list of the 10 cheapest QB contracts in terms of annual salary. Wilson’s $1.21 salary currently ranks as the 25th-lowest, per Over The Cap.
- Tommy DeVito, Giants ($832,500)
- Sam Ehlinger, Colts ($902,676)
- Tyson Bagent, Bears ($906,667)
- Brock Purdy, 49ers ($934,253)
- Skylar Thompson, Dolphins ($935,552)
- Jake Browning, Bengals ($972,500)
- Bailey Zappe, Browns ($985,000)
- Desmond Ridder, Raiders ($985,000)
- Feleipe Franks, Panthers ($985,000)
- Sam Howell, Seahawks ($1,005,400)