4. Trying an (unlikely) QB for QB swap
How about this unlikely scenario? I have a theory now that if the Dallas Cowboys again falter in the playoffs like they have the past couple of seasons, they'd consider moving on from Dak Prescott. Well, over in Dallas is Brian Schottenheimer, the offensive coordinator who worked with Russell Wilson for a few years in Seattle.
Wilson enjoyed the most productive seasons of his career playing for "Schotty" and I'm sure he would not mind reuniting with him in Dallas, right? Further, there were substantive reports that when Wilson was nearing the end of his tenure in Seattle, he had expressed interest in being traded to the Saints, Cowboys, Raiders, or Bears. The Cowboys are a worldwide, corporate brand, and I bet Russell Wilson would love to play for them today, considering he'd have a huge platform to build his personal brands.
5. Cutting Russell Wilson in 2024 - drafting a young QB and starting him
The last scenario would likely be the most aggressive. It involves simply releasing Russell Wilson in 2024, incurring a whopping $35.4 million in dead money and not saving a dime on the 2024 cap number. It would be a move simply done to turn the page and move on entirely. It's accepting defeat, if you will.
I don't think this would happen if Wilson keeps this level of production up, but Sean Payton might not want to stick with Russell Wilson beyond this year, and I don't think he'd have a great time finding a trade partner. Cutting Russell Wilson would be a huge statement made by the organization, and would likely be the final nail in the coffin for George Paton (if he wasn't already fired).
While it's clear that Russell Wilson is not washed-up as some said last year, the trade is not paying off for the franchise, so it's not been a good deal for the Broncos. Cutting Russell Wilson could be somewhat negated by drafting a QB and having a cheap QB contract for a few years. They'd also likely be cutting/trading a slew of other veterans to have some type of cap space.
Denver is projected to have negative cap space in 2024, but moving on from players like Garett Bolles, Courtland Sutton, Justin Simmons, Frank Clark, and maybe others, the team can end up with enough money to spend a little bit.
I think at this point, the Broncos can truly take many options with this QB situation.