The Denver Broncos have notified nine-time Pro Bowl quarterback Russell Wilson of their intention to release him, marking the conclusion of a turbulent two-season tenure with the team.

“We spoke with Russell Wilson [Monday] to inform him of his release after the start of the league year [March 13, 4 p.m. ET],” coach Sean Payton and general manager George Paton 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 released a statement expressing gratitude to the city of Denver, numerous teammates, the team’s cafeteria workers, and Ray Jackson, the vice president of player development. Notably absent from his acknowledgments were mentions of Payton, Paton, or the team’s ownership.

“Over these last three years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community. This city will always hold a special place in my heart. Our family grew here, we made countless memories and friendships, and formed relationships that will last a lifetime,” he wrote in the statement.

“To my teammates, thank you for going to battle together and for being there through it all. There are so many moments I cherish because of you and I am blessed for the impact you have had on my life. I am beyond grateful for all of you and to have been able to run out as your teammate was an honor.”

He ended his statement by writing,

“Tough times don’t last, but tough people do. God’s got me. I am excited for what’s next.”

Wilson’s release signifies the conclusion of a disappointing chapter for both parties involved. During his two-season tenure with the Broncos, the team posted an 11-19 record in games he started and failed to secure a playoff berth. Wilson’s benching by Payton with two games remaining in the 2023 season essentially signaled the end of his time as the team’s quarterback.

Upon his arrival, the Broncos signed Wilson to a lucrative five-year, $242.6 million deal. However, his release will result in a substantial financial setback for the team, as they will incur an $85 million hit in dead money over the next two seasons.

In the upcoming weeks, Denver will face the crucial decision of when to absorb the majority of the dead money hit, whether it be in the 2024 or 2025 season.

Two years ago, the Broncos made a significant investment to acquire Wilson from the Seattle Seahawks. This involved trading five draft picks, which included two first-round and two second-round selections, along with three players, in a bold move to bolster their quarterback position.

“It’s just unique that you can trade for a quarterback — a franchise quarterback — in his prime, and we just felt that we had to take that chance,” Paton said at the time.

Ultimately, the Broncos failed to witness enough franchise quarterback moments from Wilson. Throughout his time in Denver, Wilson played under three head coaches: Nathaniel Hackett and interim coach Jerry Rosburg in 2022, and Payton in 2023.

Now 35 years old, Wilson enters the free-agent market where teams like the Minnesota Vikings and Pittsburgh Steelers could emerge as potential suitors for the seasoned veteran.

“For me, it’s about winning — over the next two years, I want to win two [Super Bowls], I want to feel the chill of that trophy again,” Wilson said recently on the “I Am Athlete” podcast. “I love the city and everything else, but you also want to be [in] a place that wants you, too. The thing I want to do is to win, that’s all I care about.”

At the scouting combine, when asked about the ongoing quest to secure a long-term solution at quarterback, Payton emphasized the importance of finding one, stating, “We better.”

Despite promises from Payton to tailor the offense around Wilson’s strengths during the previous offseason and training camp, the Broncos struggled, opening the season with a disappointing 1-5 record.

The turning point in the highly publicized football separation likely occurred during a conversation involving Wilson, his representatives, and the Broncos organization during the team’s Week 9 bye in 2023. The Broncos assert that they sought a “creative way” for Wilson to waive or adjust a $37 million injury guarantee in his contract.

Wilson stated that he was informed at the time that if he and his representatives didn’t cooperate financially, he would be benched as the starter.

“They definitely told me I was going to be benched and all that,” Wilson said toward the end of the season.

The Broncos, including Paton and owner/CEO Greg Penner, have emphasized that the discussions regarding potential financial or salary cap relief were conducted in “good faith.” Such negotiations are considered commonplace in the league, especially between a team and a player with a lucrative, long-term contract.

“It didn’t come up again, fast forward Week 17 Sean makes a change at the quarterback position,” Paton said. “This was a football decision made by Sean, what he thought was in the best interest of the team. This completely independent of any conversations I had with the agent.”