Everyone knew it was coming at some point, but with the ink still relatively dry on the sale of the entire franchise, you might have expected a potential Russell Wilson contract extension to wait at least a little while. The Denver Broncos apparently had other plans in mind. Before many in Broncos Country even woke up on Thursday, news of a massive contract extension for the team’s new star quarterback was broken.
Since the news was broken, details of the contract have emerged. There are huge implications of the contract from both a team and league perspective. Russell Wilson didn’t reset the bar at the quarterback position, but he came very close. Which details need to be focused on? What impact does Russell Wilson’s contract have on the Broncos’ roster now? What about their ability to make other moves in the future?
There’s a lot to unpack.
Russell Wilson contract extension breakdown
Five years, $245 million (on top of remaining two years)
Overall: 7 years, $296 million total via Mike Klis()
2022: $50 million signing bonus, $5 million option, $2 million base salary ($57M)
2023: $20 million option, $8 million salary, both fully guaranteed ($28M)
2024: $22 million option, $17 million salary, both fully guaranteed ($39M)
2025: $37 million salary guaranteed on 5th day of league year ($37M)
2026: $40 million (non-guaranteed)
2027: $45 million (non-guaranteed)
2028: $50 million (non-guaranteed)
Russell Wilson cap hits over the next seven years
2022: $17M
2023: $22M
2024: $35.4M
2025: $55.4M
2026: $58.4M
2027: $53.4M
2028: $54.4M
In case that seems like a mouthful, this seven-year, $296 million extension essentially boils down to a four-year deal worth $161 million in total guaranteed money. After those first three years, $124 million, however, nothing is fully guaranteed on this deal. Practically speaking for Russell Wilson in terms of the real money he’s guaranteed to see hit his bank account, the deal is for three years, $124 million. Of course, we all expect him to get at least four years, $161 million and then some because everything is anticipated to go well, right?
Russell Wilson contract the richest in Denver Broncos history
Before Russell Wilson has even taken a snap for the Denver Broncos, he’s signed the richest deal in franchise history. It’s the largest contract in terms of total money, guaranteed money, average annual value, and any other category you could look into here. Obviously, that’s the way things are at the quarterback position these days.
Peyton Manning’s contract with the team in 2012 was a five-year deal worth $96 million in total money and only $18 million guaranteed. Circumstances were wildly different at the time and 10 years ago, that was just about the going rate for a top-flight quarterback regardless of Manning’s neck procedures.
Wilson’s deal obviously clears the Peyton Manning hurdle easily, but wait until you get to see what his contract looks like by comparison to John Elway’s career earnings in 16 years with the team. Elway averaged under $3 million in average annual value with the Broncos for a career earnings total of $47.445 million. The average annual value of Wilson’s extension is $49 million. The average annual value of the overall contract is over $42 million. It’s pretty wild how times have changed.
Russell Wilson’s AAV (average annual value) compared to other top 5 QBs
That’s right, Russell Wilson is now in the top five of NFL quarterbacks in terms of average annual value on his contract extension. At $49 million AAV, Wilson trails only Green Bay Packers quarterback and reigning back-to-back MVP Aaron Rodgers in this category.
- Aaron Rodgers, Packers: $50,271,667
- Russell Wilson, Broncos: $49 million
- Kyler Murray, Cardinals: $46.1 million
- Deshaun Watson, Browns: $46 million
- Patrick Mahomes, Chiefs: $45 million
This deal for Wilson falls right in line with other mega contracts that are being signed, sandwiched between the two biggest deals signed throughout the rest of the 2022 offseason (Rodgers, Murray).
Russell Wilson contract helps other star NFL quarterbacks
As many major QB contracts as we saw in the 2022 offseason, there are still many more yet to be done. As of right now, players like former league MVP Lamar Jackson, former top pick Joe Burrow, and Broncos rival Justin Herbert will all be needing new contracts in the very near future. Depending on how things work out at their new stops, players like Baker Mayfield could even be included on that list.
At least for the top-tier QBs in line for new deals, this contract from Wilson helps push the ball forward in terms of total money, average annual value, and total guarantees. Besides Deshaun Watson’s egregious $230 million in guaranteed money — the most in NFL history — Russell Wilson’s $165 million in total guaranteed money (per Over The Cap) is an impressive second place.
New quarterback contracts struck over the next year will likely look at Wilson’s new figures as a base to start from, and the AAV will climb into the $50 million per year range on a regular basis. In terms of total guaranteed money, Wilson’s deal continues to help other quarterbacks start with a minimum of $160 million in total guarantees as well as over $120 million in practical guarantees.
Quarterbacks like Lamar Jackson, Joe Burrow, and Justin Herbert will be able to go to the negotiating table with plenty of high starting points for their new deals.
Russell Wilson deal brings peace of mind for Broncos Country
Now, Broncos Country can truly say along with Russell Wilson: Let’s Ride.
This contract is months in the making but a long time coming in terms of years waited for a solution in the post-Peyton Manning era. Having Wilson leading the team from the quarterback position gives the franchise and fan base peace of mind, which is truly priceless in terms of the football side of things.
The Broncos have the richest owners in the entire NFL and the team was bought for a whopping $4.65 billion. What’s another $296 million? This deal being struck so quickly after ownership was finalized indicates that owner/CEO Greg Penner and the group are completely on board with the people in charge of making football decisions, namely GM George Paton.
Having an ownership group with such deep pockets is now a luxury that Broncos fans are completely new to in an era of football where the salary cap can be manipulated if your owner has a lot of cash on hand, which the Denver Broncos now do. There is no need to fret over the future salary cap implications of this deal, the cap can be manipulated (not to mention, it will continually rise or eventually be eliminated).
Russell Wilson was anything but overpaid with his new contract
Russell Wilson's new contract on Thursday is paying him $245 over five years, but the Super Bowl champion quarterback is anything but overpaid.
The only thing that matters at this point is that the Broncos have a quarterback under contract for the next seven years that was worthy of the biggest deal in franchise history, and arguably the second-largest deal in NFL history. Let’s ride, indeed.