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The Denver Broncos made headlines on Thursday morning when they agreed to give quarterback Russell Wilson a five-year, $245 million contract extension (check out the Twitter reactions). The new deal includes $165 million guaranteed.
Wilson’s five-year extension adds to the existing two-year deal that Denver inherited when they acquired Wilson from the Seattle Seahawks. On that two-year deal, Wilson was set to earn $24 million this year and $27 million in 2023.
Thanks to a signing bonus and the structure of his extension, Wilson will now earn $57 million this season, according to NFL Network’s Tom Pelissero. That’s a big raise for Wilson this year, but overall, the Broncos are getting a relative bargain.
Some pundits expected Wilson to reset the QB market and top Aaron Rodgers’ deal that averages $50.27 million per season. Wilson’s five-year extension is just below that with an average of $49 million per year.
That makes Wilson the NFL’s second-highest paid QB in new money, but his full seven-year deal is worth $296 million, which averages out to about $42.28 million per season. That doesn’t put Wilson among the league’s top-five highest-paid quarterbacks on average.
1. Aaron Rodgers: $50.27 million
2. Kyler Murray: $46.1 million
3. Deshaun Watson: $46 million
4. Patrick Mahomes $45 million
5. Josh Allen: $43 million
Wilson’s just behind them, now the sixth-highest paid in the NFL. That’s good value for a QB that some expected to reset the market. Over time, Wilson’s deal might begin to look even better as other QBs like Lamar Jackson, Justin Herbert and Joe Burrow will be seeking massive extensions before long.
Ultimately, it’s a win-win for everyone. Wilson gets a big raise this season and security for the next seven years. The Broncos get a franchise quarterback without having to make him the highest-paid player in the NFL. Pretty good business from general manager George Paton and the team’s new ownership group.
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