*Russell Wilson has yet to play his first regular season game as a Denver Bronco, and already he has reached a contract extension with the organization.
According to @espn, the Broncos and Russell have reached an agreement on a five-year, $245 million contract extension, which includes $165 million guaranteed. He will now be under contract with the team for the next seven years, and $296 million.
As previously reported, the Seattle Seahawks traded Russell to the Broncos back in March. ESPN reports that the Broncos traded five of their draft picks, including two first-round picks and two second-round picks, as well as three of their players in order to acquire Russell.
For this season, Russell is set to make $24 million, and next season he is set to make $27 million. The contract extension will keep him in Denver up until 2028, giving him an average yearly salary of $49 million.
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Here’s the bottom line. Wilson’s megadeal is the third-most lucrative contract in NFL history in terms of guaranteed money, behind only Browns quarterback Deshaun Watson’s $230 million and Cardinals quarterback Kyler Murray’s $189.5 million, according to ESPN.
The extension pays Wilson, 33, who has two years remaining on his previous deal signed with the Seahawks, an average salary of $49 million. He is set to make $24 million this season and $27 million next year before the extension kicks in.
Wilson, entering his 11th NFL season, previously echoed Bronco’s GM George Paton’s hopes for a long-term deal with Denver, saying at the start of training camp that he wanted to be with the Broncos “for a long, long time, hopefully the rest of my career.”
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Keep in mind, the Broncos traded five draft picks, including two first-round and two second-round selections, and three players to the Seahawks to acquire Wilson in March — seeking stability and stardom at quarterback, a problem spot since Peyton Manning’s retirement in 2016.
The formal arrival of the franchise’s new ownership group — the Walton-Penner group, led by Walmart heir Rob Walton — only enhanced the Broncos’ chances of getting the deal done with Wilson. The group’s $4.65 billion purchase of the Broncos was formally approved Aug. 9 by the NFL owners.
The group — which includes Walton’s daughter, Carrie Walton Penner, son-in-law Greg Penner, Mellody Hobson, Condoleezza Rice and Lewis Hamilton — is the wealthiest ownership group in the NFL.
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