Russell Wilson has a new Broncos contract before playing his first regular-season snap as the team's quarterback after agreeing late last night to a five-year, $245 million contract extension, a league source confirmed.
The Broncos now have Wilson, who turns 34 in November, under contract for the next seven years and a total of $296 million. He will turn 40 during the final year of the deal.
According to a source, Wilson's agent, Mark Rodgers, and general manager George Paton began talking about a new contract in late March. Talks picked back up last month after the Broncos were officially sold to the Walton Penner group.
Rodgers was at the Broncos' facility for several days last week to meet with Paton and chief contract negotiator Rich Hurtado. Owner/CEO Greg Penner was also involved. A deal was close before the Minnesota preseason game and the sides circled back last night to close the deal.
Wilson, acquired by the Broncos for a package of three players and six draft picks in March, will carry salary cap numbers of $24 million this year and $27 million next year to finish the four-year, $140 million deal he signed with Seattle in April 2019.
The $49 million average of the five-year extension places Wilson second among NFL quarterbacks, behind only Green Bay's Aaron Rodgers ($50.27 million) and ahead of recent deals signed by Arizona's Kyler Murray ($46.1 million) and Cleveland's Deshaun Watson ($46 million).
Wilson has frequently mentioned since joining the Broncos that he wants to play another "10-12 years," and the new contract will carry him through the 2028 season.
Wilson waived his no-trade clause to join the Broncos.
The Broncos undoubtedly considered Wilson's durability when extending the contract. He has missed only three of a possible 161 regular season games in his 10-year career, thrown at least 25 touchdown passes and won at least 10 games in eight seasons.
The league's new television deal — $110 billion over 11 years — starts in 2023, which will result in an uptick in the salary cap.
How the Wilson extension impacts the Broncos' other business is undetermined. Outside linebacker Bradley Chubb is a free agent after the season, but the team previously signed long-term deals with left tackle Garett Bolles, safety Justin Simmons and receivers Courtland Sutton and Tim Patrick, but the contracts for Bolles, Simmons and Patrick expire after the 2024 season. Cornerback Pat Surtain II is eligible for an extension after the 2023 season.
The Broncos are counting on Wilson to stop the quarterback instability of the last six years. Since Peyton Manning retired after the 2015 Super Bowl season, the club has started Trevor Siemian, Case Keenum, Joe Flacco, Drew Lock and Teddy Bridgewater in season openers.
Since entering the NFL in 2012, Wilson ranks second in starts (158), regular season wins (104) and playoff wins (nine) and third in touchdown passes (292).
This story will be updated.
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