Denver Broncos cut QB Russell Wilson after lackluster seasons ...

The Denver Broncos on Monday said it will release quarterback Russell Wilson after two seasons on the NFL team.

"We spoke to Russell Wilson today to inform him of his release after the start of the league year," the team said in a statement.

The Broncos thanked Wilson, 35, for his contributions. It continued, "We are focused on building the strongest team possible for the 2024 season and beyond."

Wilson was part of a blockbuster trade-and-salary deal in 2022 that brought him on board from the Seattle Seahawks. Denver had signed Wilson to a five-year, $245 million extension, NBCSports.com reported.

The deal wasn't as fruitful as the team wanted, the league's "Around the NFL" reported. The team went 13-21 during Wilson's time on the Broncos, and late last season head coach Sean Payton benched Wilson and started Jarrett Stidham instead.

Last season, Wilson completed 66.4% of his passes for 3,070 yards with 26 touchdowns and eight interceptions, according to NFL statistics.

The timing of the release means the team can avoid paying a $37 million guarantee in 2025. It's still under contract to pay Wilson $39 million for 2024, NBCSports.com reported.

By releasing him after the start of the league year on March 13 but designating Wilson as a post-June 1 release, the Broncos can also spread the payout committed to his contract over multiple seasons and soften its impact on the team's salary cap, according to NBCSports.com.

Wilson's NFL career started in 2012 with a season at the Seahawks during which he matched Peyton Manning's record for most touchdown passes, 26, thrown by a rookie in a single season.

Fans voted him the league's Rookie of the Year.

Seattle head coach Pete Carroll drafted Wilson in the third round from the University of Wisconsin after the quarterback transferred from North Carolina State University.

While playing for his high school team, Wilson attended the Manning Passing Academy founded by Peyton Manning, former Indianapolis Colts and Broncos quarterback.

Wilson said in a statement following Monday's announcement, "Broncos Country, Thank You!"

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