Report: Russell Wilson, Broncos Agree to 5-Year, $245M Extension

Russell Wilson is set to sign a new contract with the Denver Broncos.

After the Denver Broncos acquired Russell Wilson in a blockbuster trade with the Seattle Seahawks, it was always a question of when, not if, the team would extend his contract.

Speculation heated up when the Broncos were bought by Rob Walton, who instantly became the richest owner in the NFL.

With just two years remaining on his previous deal, and a willingness on both sides to have Wilson be a long-term solution at quarterback, the Broncos made a move to secure Wilson as the price for top-tier quarterbacks continues to skyrocket.

Adam Schefter broke the news of the deal on Twitter — that Wilson is set to become the richest player in franchise history.

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

"Breaking: Broncos and Russell Wilson just reached agreement on a five-year, $245 million contract extension that includes $165 million guaranteed, sources tell ESPN," wrote Schefter on Twitter. "Deal now ties Wilson to Denver for seven total years and $296 million. Another massive QB deal in the books."

Mike Klis of 9News confirmed the extension and provided additional details.

Source confirms Broncos and QB Russell Wilson have reached agreement on 5-year extension.
He now has 7-year contract for $296 million -- $42.3 million a year. But that includes $24M this year and $27M next year. New money is 5 years at average of $49M a year. #9sports

— Mike Klis (@mikeklis) September 1, 2022

"Source confirms Broncos and QB Russell Wilson have reached agreement on 5-year extension. He now has 7-year contract for $296 million -- $42.3 million a year," wrote Klis on Twitter. "But that includes $24M this year and $27M next year. New money is 5 years at average of $49M a year."

Wilson's $49 million per year would make him the second-highest paid player in the NFL behind Aaron Rodgers of the Green Bay Packers, according to Spotrac.

Across his seven-year deal, that average drops to $42.3 million, putting him just behind Josh Allen of the Buffalo Bills for yearly average.

Russell Wilson and the Denver Broncos have agreed to a 5-year, $245M extension, per @AdamSchefter.

He becomes the NFL's 2nd-highest paid QB by annual value:

1️⃣ Aaron Rodgers, $50.3M
2️⃣ Russell Wilson, $49M
3️⃣ Kyler Murray, $46.1M
4️⃣ Deshaun Watson, $46M
5️⃣ Patrick Mahomes, $45M pic.twitter.com/ksQKdIsc9v

— Front Office Sports (@FOS) September 1, 2022

Keep it locked to Mile High Huddle as we report more on this breaking story.