Russell Wilson, Broncos agree to massive contract extension

Jun 13, 2022; Englewood, CO, USA; Denver Broncos quarterback Russell Wilson (3) during mini camp drills at the UCHealth Training Center. Mandatory Credit: Ron Chenoy-USA TODAY Sports

Russell Wilson has yet to play in a game for the Denver Broncos, but his new team has already made a massive financial commitment to him.

Wilson and the Broncos on Thursday agreed to a five-year, $265 million contract extension, ESPN’s Adam Schefter reports. The deal includes $165 million guaranteed and ties Wilson to Denver through his age-40 season.

Breaking: Broncos and Russell Wilson just reached agreement on a five-year, $245 million contract extension that includes $165 million guaranteed, sources tell ESPN.

Deal now ties Wilson to Denver for seven total years and $296 million. Another massive QB deal in the books. pic.twitter.com/uk6yelOL3j

— Adam Schefter (@AdamSchefter) September 1, 2022

The new contract makes Wilson the second highest-paid quarterback in the NFL in terms of average annual value. His $49 million per year is just slightly below the $50.2 million Aaron Rodgers earns with the Green Bay Packers.

Kyler Murray got $160 million guaranteed when he signed his extension with the Arizona Cardinals this offseason, so Wilson’s deal tops that in both guarantees and average annual value.

Lamar Jackson is the next quarterback in line for a huge new contract. He has reportedly been aiming for a deal that is comparable to the fully guaranteed $230 million Deshaun Watson got from the Cleveland Browns over five years. Wilson’s extension is another reminder that Watson’s contract will likely remain an outlier. Jackson recently dropped a hint about where his negotiations with the Baltimore Ravens stand.

The Broncos acquired Wilson from the Seattle Seahawks in exchange for two first-round picks, two second-round picks and then some. They have made a massive investment in the nine-time Pro Bowler.