Russell Wilson isn't exactly known as a someone who's willing to take a discount, but that's exactly what happened on Sunday night when he agreed to a one-year deal with the Pittsburgh Steelers.
According to ESPN.com, Wilson's new contract will pay him the league minimum of $1.21 million for the 2024 season, which is a bargain-basement price for a BACKUP quarterback in the NFL, let alone someone who might end up starting for your team.
To put Wilson's salary in perspective, just consider this: Backup quarterbacks like Nick Mullens ($1.72 million), Cooper Rush ($2.25 million) and Mike White ($3.5 million) are all scheduled to make more money than Wilson in 2024. Kenny Pickett, who will now be competing with Wilson for the starting QB job in Pittsburgh, will also make more thanks to his salary of $1.98 million.
Although Wilson struggled during his two seasons with the Broncos, he's still a nine-time Pro Bowler who could have commanded more on the open market in free agency, but instead, he settled for the league minimum.
So why did he do it? The answer has everything to do with something called "offsets."
If a team still owes you money when it cuts you, it has to pay you that money, but if you sign with another team, the amount you sign for is subtracted from what your old teams owes you.
In Wilson's case, when the Broncos made the decision to cut him on March 4, they knew they were going to have to pay him $39 million in 2024 even though he wasn't going to be on the team, so Wilson knew he was going to be paid nearly $40 million for the upcoming season no matter what he did. If he had decided to sit out the 2024 season, the Broncos would have still been on the hook for the full $39 million.
Since the Steelers are paying Wilson $1.21 million, that cuts down on Denver's obligations to Wilson, so now, the Broncos will only owe him $37.79 million for the upcoming season. If Wilson had signed a $25 million contract with the Steelers, then the Broncos would have only had to pay him $14 million.
For Wilson, signing a cheap contract makes sense for two reasons: A lower salary makes him a much more attractive free agent. If Wilson had been looking to land a $25 million deal, the Steelers probably would not have been interested, but at $1.21 million, it becomes a potential steal. It's a low-risk signing with the possibility of a high reward for Pittsburgh.
Wilson now has a chance to earn the starting QB job for a team that made the playoffs last season and if he can get the Steelers back there, he could earn a huge payday for 2025. This becomes a prove-it deal for Wilson, but unlike most prove-it deals, Wilson is getting $37.79 million on top of his salary from the Steelers, which becomes a nice safety net in case he struggles in Pittsburgh.
It's also possible that Wilson just wanted to stick it to the Broncos. He clearly had a rocky time in Denver and by signing for the league minimum, the Broncos will now be stuck paying him $37.79 million in cash on top of the $85 million in dead cap they'll take over the next two seasons.
