The Denver Broncos have officially have released QB Russell Wilson with a post-June 1 designation, according to Adam Schefter.

This is just a formality, as Wilson already has a one-year deal in place with the Steelers.

Wilson was already guaranteed $39 million in 2024 from the Broncos, so the June 1 designation will help manage the $85 million dead money hit. Denver will take on 53 million in dead cap this season with another $32 million in 2025.

Wilson, 35, is a former third-round pick of the Seahawks back in 2012. He was entering the final year of his five-year, $89.142 million contract when the Seahawks signed him to a four-year, $140 million extension that included a $65 million signing bonus.

The Seahawks traded him to the Broncos in 2022 in a blockbuster deal. Wilson stood to make base salaries of $19 million and $22 million over the final two years of his deal when he agreed to a new five-year, $245 million extension that included $165 million in guaranteed money.

However, Wilson didn’t even reach the new portion of his deal before being released by the Broncos, who absorbed a record $85 million dead cap hit.

In 2023, Wilson appeared in 15 games for the Broncos and completed 66.4 percent of his passes for 3,070 yards, 26 touchdowns and eight interceptions to go along with 341 yards rushing and three touchdowns.