The Broncos officially announced on Monday that Russell Wilson will be let go, marking an end to his disappointing stint with the team. The move will not be made until the new league year begins, but Wilson could have a new agreement in place by that point, Adam La Rose of Pro Football Rumors reports.

ESPN’s Jeremy Fowler reports Denver has no issue with Wilson immediately negotiating with prospective teams. The outgoing veteran passer is still under contract with the Broncos (and will be until March 13), but with his fate already known the team will allow him to begin seeking out his next home. Wilson is therefore, for all intents and purposes, already a free agent.

With $39 million in compensation guaranteed for 2024 by the Broncos, an acquiring team will not be obligated to add the Super Bowl winner on a lucrative pact. Any base salary Wilson signs for will offset part of Denver’s obligations to him. Given the state of the 35-year-old’s value, though, a short-term pact at a low cost will likely be the means by which he begins the third chapter of his NFL career.

A number of teams will be in the market for a veteran passer as the offseason unfolds. Wilson will not be as in-demand as the likes of Kirk Cousins or Baker Mayfield, but he could be viewed as having higher upside than other bridge options such as Jacoby Brissett and Ryan Tannehill. While the Broncos could be in the market for an experienced signal-caller to take Wilson’s place, the top incumbent passer on the roster will likely receive the first chance to earn the starting gig.

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