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Russell isn’t very good and is expensive. If any guarantees are injury related, there’s your reason.
That sounds correct as it would be difficult to handle the financial hit to the cap if they simply cut him. It would be 85 million and since they would have to cut him in February they couldn't even spread it over two years.The $37 Million base salary he has in 2025 becomes guaranteed in March (5 days after start of the league year).
Which means if he is hurt at that point, it is an automatic guarantee because you cant just cut an injured player. So they are just trying to avoid having to automatically give that $37M guaranteed to him.
But remember that is 2025 salary (not 2024), they are talking about. It's unlikely the Broncos just flat out cut him. The dead cap hit even without that $37M is still really bad. This is all about leverage for a renegotiated contract IMO. Making sure that the $37M isnt automatically on the table already when they start to argue about his future pay is the reason for this move.