ENGLEWOOD, Colo — As the Broncos try to figure how to squeeze all of Russell Wilson's projected dead cap money into their total team payroll, relief came from the NFL setting its 2024 salary cap at $255.4 million, which was well above projections.
That's a 13.6% increase from last season's $224.8 million payroll cap the league used last season. Most estimates had this season's salary cap coming in at $242 million.
Wilson, the Broncos' quarterback, is expected to be released by March 17 when his $37 million for 2025 becomes fully guaranteed. Even with the expected release, the Broncos would still owe $39 million to Wilson for this season. The dead cap hit the Broncos would incur, should they release Wilson, would be a minimum of $39 million and possibly up to $85 million.
The dead cap charge will be a little easier -- but still difficult -- to absorb with the team cap set at $255 million.
The salary cap also allowed for the league to set its franchise-tag salaries and fifth-year options for players selected in the first round of the 2021 draft. No Broncos' free agents are expected to receive the franchise tag. The closest would be kicker Wil Lutz, but his franchise-tag salary of $5.984 million is considered well more than his market value.
Pat Surtain II was the Broncos' first-round draft pick, No. 9 overall, in 2021 and because he has since earned two Pro Bowl berths, his fifth-year option salary for 2025 was set at $19.802 million. The Broncos have until May 2 to exercise that option -- which would fully guarantee Surtain's $19.802 million for 2025. It's possible the two sides could work out a multi-year extension before that salary kicks in next year.
Surtain will make $3.519 million in 2024.
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