When new Pittsburgh Steelers QB Russell Wilson finally gets around to signing his contract in the coming days it is expected to be a one-year deal for the veteran minimum, which in his case would be $1.21 million. Wilson can take such a low value deal because the Broncos have to pay him $39 million because of what remains on his contract he had with them.
Because of the money that Wilson is owed by the Broncos, his contract with the Steelers isn’t expected to qualify as a veteran benefit deal, which would come with a reduced salary cap charge and equal that of a player with two accrued seasons. We’ll know for sure if that’s the case by the end of next week. In the meantime, expect Wilson’s cap charge in 2024 to be $1.21 million until further notice.
Wilson’s expected cap charge of $1.21 million would enter the Steelers Rule of 51 and use up $415,000 of 2024 salary cap space. This would put the Steelers $24,925,846 under the cap when it comes to their real-time Rule of 51.
Wilson’s $39 million salary that is owed to him by the Broncos does have offsets so there really is no incentive for the Steelers to offer him more than the league minimum of $1.21 million as all they would be doing is paying some of the Broncos’ portion. This means the Broncos should be on the hook to pay Wilson $37.79 million.
Wilson agreed to terms on a five-year extension with the Broncos through the 2028 season in September of 2022. That new deal was worth $245 million and included $165 million guaranteed. That new deal for Wilson came after the Seattle Seahawks traded Wilson to the Broncos in March of 2022.
As part of that trade, the Broncos sent two first-round picks, No. 9 overall in 2022 and a 2023 first-rounder; two second-round picks, No. 40 overall pick in 2022 and a 2023 second-rounder, a 2022 fifth-round pick, and tight end Noah Fant, quarterback Drew Lock and defensive end Shelby Harris to the Seahawks. In addition to Wilson, the Seahawks sent a 2022 fourth-round pick to the Broncos.
The Broncos will officially terminate Wilson’s contract after the start of the 2024 league year on Wednesday.
