Russell Wilson just broke the bank.

The Denver Broncos, on the heels of their blockbuster trade for the former Seattle Seahawks star quarterback, are signing Wilson to a five-year, $245 million contract extension that includes $165 million in guaranteed money and a new-money average of $49 million. He’s now under contract for a total of seven years for $296 million and an average of $42.3 million.

Broncos Extend Russell Wilson Following Trade

In terms of new money, Wilson ranks behind Green Bay Packers quarterback Aaron Rodgers ($50.27 million) and ahead of Arizona Cardinals quarterback Kyler Murray ($46.1 million), Cleveland Browns quarterback Deshaun Watson ($46 million), and Kansas City Chiefs quarterback Patrick Mahomes ($45 million). So, the elite QB market continues to explode.

Broncos general manager George Paton worked on this trade after he found out that it was unlikely that Rodgers was leaving the Packers. Now, Denver is all in on Wilson, in a huge way.

They love his leadership and skills. They’ve also constructed a roster built to compete at the highest level — a must, considering how deep and talented the AFC West is in 2022.

The Chiefs and Chargers are the two favorites to win the division, but certainly don’t sleep on Denver. Wilson leads a loaded roster that features Jerry Jeudy, Javonte Williams, Justin Simmons, Bradley Chubb, Randy Gregory, Patrick Surtain II, Courtland Sutton, Melvin Gordon, and Garett Bolles.

Directing it all? First-time head coach Nathaniel Hackett, one of the most coveted candidates this coaching cycle.

Another huge payday for Wilson

Wilson, 33, signed a four-year contract extension with the Seahawks in 2019 worth a total of $140 million, making him the highest-paid player in the NFL at the time of signing. The contract included $107 million in guarantees, $70 million of which was fully guaranteed at signing, including a $65 million signing bonus.

Wilson passed for 2,857 yards, 22 touchdowns, and five interceptions last season. He rushed for 178 yards and a touchdown despite missing time with a hand injury.