Russell Wilson is going to be a member of the Broncos for the long haul. Denver signed him to a massive, five-year contract extension on Thursday ahead of his first season with the Broncos.
Wilson's deal will tie him to the Broncos through the 2029 NFL season. It will also make him one of the highest-paid quarterbacks in the league.
There had been questions about Wilson's next contract given that he had just two years left on his deal at the time the Broncos acquired him from the Seahawks.
MORE: QB Rankings | RB Rankings | WR Rankings | Buy NFL tickets
The Walton/Penner ownership group, which officially bought the team in August of 2022, had been mum on the possibility of extending the talented veteran. That said, though Broncos CEO Greg Penner didn't provide an update on extension talks in August, he did offer praise of Wilson when asked about a potential contract new deal.
"Right away, we got a sense of how positive he is as a leader. He is just such a dynamic individual. I can’t wait to see him on the field," Penner said, per ProFootballTalk. "At this point, nothing to say about his contract."
Now, that has come to fruition after what NFL Network's Ian Rapoport reports was five months of "all quiet" negotiations.
Just how much is Wilson going to make over the course of his new deal? Below is a breakdown of his contract with the Broncos and how it compares to other top NFL quarterbacks.
MORE: Meet the ownership group buying the Broncos
Russell Wilson contract details
Wilson signed a five-year, $245 million extension with the Broncos on Thursday. News of the deal was first reported by ESPN's Adam Schefter.
Breaking: Broncos and Russell Wilson just reached agreement on a five-year, $245 million contract extension that includes $165 million guaranteed, sources tell ESPN.
— Adam Schefter (@AdamSchefter) September 1, 2022
Deal now ties Wilson to Denver for seven total years and $296 million. Another massive QB deal in the books. pic.twitter.com/uk6yelOL3j
As Schefter mentions, the deal contains within it $165 million in guaranteed money. That ranks as the third-most in NFL history, per Spotrac.com, behind only the fully guaranteed $230 million deal the Browns gave Deshaun Watson and the $189.5 million in guarantees the Cardinals gave Kyler Murray.
The $245 million new-money value of this extension makes it the third-most lucrative contract in NFL history behind Patrick Mahomes ($450 million) and Josh Allen ($258 million).
Wilson's new deal appears to be a frontloaded one, as NFL Network's Tom Pelissero reports. His extension isn't officially set to kick in until 2024, but he will make $85 million in new money over the first two years of his deal. That provides him with an early raise while giving the Broncos the flexibility to move on from him with less of a penalty should he regress in the latter years of the contract.
Every deal has unique circumstances so comparisons are tricky, but fair to say Wilson’s cash flow is well short of Aaron Rodgers ($150.8M over three) and Deshaun Watson ($138M). Kyler Murray got $106.15M over three with little leverage entering a cheap Year 4 on his rookie deal.
— Tom Pelissero (@TomPelissero) September 1, 2022
The Sporting News will provide a full breakdown of Wilson's contract, including his yearly cap hit, average annual value and more once it becomes available.
MORE: Trey Lance, Travis Etienne among players poised for breakout seasons in 2022
Russell Wilson net worth
Wilson's net worth entering the 2022 NFL season was $165 million, per CelebrityNetWorth.com. That was when he average annual salary was $22 million, so needless to say, his total net worth will increase over the duration of this contract.
Wilson isn't the only member of his family with a net worth in the millions. His wife — singer/songwriter Ciara — has a net worth of $20 million. The value of Wilson's new contract exceeds the couple's current net worth by $60 million.
NFL POWER RANKINGS: Where Broncos rank among other top teams in the AFC
Highest-paid NFL quarterbacks
Wilson's new contract will make him one of the NFL's highest-paid quarterbacks. He ranks among the top five at the position in terms of the three most important categories: total contract value, average annual value and total guarantees.
Below is how Wilson compares to other top-dollar quarterbacks in each of those categories.
All numbers are via Spotrac.com.
Total contract value
| Rank | Player | Value |
| 1 | Patrick Mahomes | $450 million |
| 2 | Josh Allen | $258 million |
| 3 | Russell Wilson | $245 million |
| 4 | Kyler Murray | $230.5 million |
| 5 | Deshaun Watson | $230 million |
| T-6 | Dak Prescott | $160 million |
| T-6 | Matthew Stafford | $160 million |
| 8 | Aaron Rodgers | $150.8 million |
| 9 | Matt Ryan | $150 million |
| 10 | Jared Goff | $134 million |
Average annual value
| Rank | Player | AAV |
| 1 | Aaron Rodgers | $50.3 million |
| 2 | Russell Wilson | $49 million |
| 3 | Kyler Murray | $46.1 million |
| 4 | Deshaun Watson | $46 million |
| 5 | Patrick Mahomes | $45 million |
| 6 | Josh Allen | $43 million |
| 7 | Derek Carr | $40.5 million |
| T-8 | Dak Prescott | $40 milllion |
| T-8 | Matthew Stafford | $40 million |
| 10 | Kirk Cousins | $35 million |
Total guarantees
| Rank | Player | Guarantees |
| 1 | Deshaun Watson | $230 million |
| 2 | Kyler Murray | $189.5 million |
| 3 | Russell Wilson | $165 million |
| 4 | Aaron Rodgers | $150.8 million |
| 5 | Josh Allen | $150 million |
| 6 | Patrick Mahomes | $141.5 million |
| 7 | Matthew Stafford | $130 million |
| 8 | Dak Prescott | $126 million |
| 9 | Jared Goff | $110 million |
| 10 | Carson Wentz | $108 million |
The Sporting News has joined with TicketSmarter in an exclusive partnership to provide tickets for sporting events in the U.S. and Canada. Fans can go to TicketSmarter with this link and use code TSN15 to take $15 off orders of $100 or more before fees and shipping.
