Volkswacht Bodensee - Broncos cut veteran NFL quarterback Russell Wilson

In a statement, the Broncos confirmed Wilson's departure just two years after the former Seattle Seahawks star joined the club in a blockbuster trade.

"We spoke with Russell Wilson today to inform him of his release after the start of the league year," Broncos general manager George Paton and head coach Sean Payton said in a joint statement.

"On behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career.

"As we move forward, we are focused on building the strongest team possible for the 2024 season and beyond. We are excited to improve this offseason and will have the flexibility to get better through the draft and free agency."

Wilson's departure from the Broncos will come with a hefty price tag.

The team is reported to owe the 35-year-old quarterback $85 million over the next two seasons.

By releasing him, the Broncos have avoided paying a further $37 million in guaranteed money under the five-year $242 million contract signed in March 2022.

"Over these last two years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community," Wilson said in a statement following his release.

"The will will always hold a special place in my heart."

Wilson, a nine-time Pro Bowler who led the Seahawks to victory in the Super Bowl in the 2013-2014 season, was initially seen by Denver as the answer to the team's quarterback problems when he joined two years ago.

As well as his lucrative long-term deal, the Broncos handed Seattle a slew of 2022 and 2023 Draft picks as well as three players -- tight end Noah Fant, defensive lineman Shelby Harris and quarterback Drew Lock.

But the Broncos never came close to recouping that massive outlay with Wilson at quarterback.

He fared badly in his debut season in Denver, with the team going 5-12, while head coach Nathaniel Hackett was fired after a 51-14 Christmas Day mauling by the Los Angeles Rams.

Wilson was sacked 55 times during that first season, managing just 16 touchdowns throughout the campaign.

He fared slightly better in 2023 under Payton, but stories indicating his future was in jeopardy continued throughout the season. He was benched for the final two games of the regular season.

D.Schaer--VB