ENGLEWOOD, Colorado –
The Denver Broncos and quarterback Russell Wilson have agreed to a five-year, $245 million extension that includes $165 million in guarantees, a person with knowledge of the deal confirmed to The Associated Press Thursday morning.
The person spoke on condition of anonymity as the extension, first reported by ESPN, had not been confirmed by the team or Wilson’s representatives.
As word of the deal spread, The Broncos tweeted a short clip of Wilson with the team’s signature slogan “Let’s Ride”.
The extension will pay Wilson an average salary of $49 million a year and keep him in Denver through the 2028 season.
It’s just short of Aaron Rodger’s $50 million average for the four-year, $200 million contract the Packers QB signed to remain in Green Bay this year.
Wilson’s $165 million in guaranteed money is more than Rodgers ($153 million) and Arizona’s Kyler Murray, whose new five-year, $230.5 million deal includes $160 million in guarantees. But it’s shy of Deshaun Watson’s fully guaranteed five-year, $230 million deal he signed with Cleveland.
Wilson had two years and $51 million left on his contract when the Broncos acquired him from Seattle in March for a package of three players and five draft picks.
Wilson is expected to make $24 million this season and $27 million next year before overtime begins.
New co-owner and CEO Greg Penner, whose ownership group paid a record $4.65 billion for the team this summer, said last month that general manager George Paton’s trade for Wilson in the spring made the Broncos one more more attractive asset.
“We couldn’t have been more excited going through the process to see that the organization had closed the deal for Russell,” Penner said. “It’s crucial to have a great quarterback in this league and it’s a tremendous advantage for us to come into this organization with Russell.
“On our first diligence trip here in May when Rob (Walton), Carrie (Walton Penner) and I were here, Russell was one of the first people we walked into the hallway,” Penner added. “We immediately got a sense of how positive he is as a leader. He’s just such a dynamic person. I can’t wait to see him on the field.”
Wilson will make his Denver debut on September 12 when the Broncos open the season in Seattle, where Wilson played for a decade and led the Seahawks to two Super Bowl appearances and a championship.