The Denver Broncos have informed nine-time Pro Bowl quarterback Russell Wilson they plan to release him, a move that ends a tumultuous two-season run with the team.

“We spoke with Russell Wilson [Monday] to inform him of his release after the start of the league year [March 13, 4 p.m. ET],” coach Sean Payton and general manager George Paton said in a joint statement. “On behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career. As we move forward, we are focused on building the strongest team possible for the 2024 season and beyond. We are excited to improve this offseason and will have the flexibility to get better through the draft and free agency.”

Wilson released a statement thanking the city of Denver, several teammates, the team’s cafeteria workers and vice president of player development Ray Jackson. He did not mention Payton, Paton or the team’s ownership.

Wilson’s release will end a disappointing chapter for both sides. The Broncos went 11-19 in Wilson’s starts over two seasons and failed to make the playoffs. Payton benched him with two games remaining in 2023, a move that in effect marked the end of the quarterback’s career in Denver.

The Broncos signed Wilson to a five-year, $242.6 million deal after his arrival and will take an $85 million hit in dead money over the next two seasons because of the release.

In the coming weeks, Denver will have to decide whether to take the biggest part of that dead money hit in the 2024 or 2025 season.

The Broncos went all-in to acquire Wilson two years ago from the Seattle Seahawks, sending five draft picks, including two first-round and two second-round selections, as well as three players.

“It’s just unique that you can trade for a quarterback — a franchise quarterback — in his prime, and we just felt that we had to take that chance,” Paton said at the time.

Ultimately, the Broncos didn’t get enough of those franchise quarterback moments. Wilson played for three head coaches in Denver: Nathaniel Hackett and interim Jerry Rosburg in 2022 and Payton in 2023.

Wilson, 35, enters a free agent market where teams such as the Minnesota Vikings and Pittsburgh Steelers could make a run at the veteran.