The Broncos informed Wilson on Wednesday that they won't exercise his fifth-year team option for 2025, Jeff Legwold of ESPN.com reports.
Wilson, whom the Jets took with the No. 2 overall pick in the 2021 NFL Draft, joined the Broncos in a trade shortly before April's draft. With Denver not in line to pick up his fifth-year option -- which would have been for a guaranteed $22.4 million -- the 24 year-old will become a free agent next March. For now, Wilson is slated to compete with first-round rookie Bo Nix and Jarrett Stidham -- who started Denver's final two games of the 2023 regular season -- for the Week 1 starting assignment. While Nix is presumably viewed as the franchise's long-term answer at quarterback, in the short term, slotting at the position is up for grabs in advance of training camp.