The Denver Broncos enter 2024 with six selections in the NFL draft, including the No. 12 overall pick. The draft is always important, but this year, it’ll be even more so for the Broncos.

The Broncos are already projected to be over the salary cap by $30 million, according to Over The Cap. If the Broncos release veteran quarterback Russell Wilson as a pre-June 1 cut, the team will incur a whopping $85 million in dead money on the salary cap, which would be an NFL single-season record.

If Wilson is tapped as a post-June 1 release, the Broncos would still be staring down the barrel of $35.4M in dead money just in 2024 alone. Considering how cap-strapped this team is, GM George Paton and head coach Sean Payton have to make the most of each one of those draft picks and really leave no stone unturned in the college free-agent ranks.

During his Tuesday end-of-season press conference, Paton emphasized how important this year’s draft is and reminded everyone how the Broncos like to stockpile draft picks. He even teased some potential trades to acquire more.

“Obviously, we have to hit on the draft,” Paton said. “We’re picking high, and we have six picks. We could have more. You know we like picks. We’ll go from there.”

The lack of cap space and the onerous impact of Wilson’s contract will preclude the Broncos from participating in the first wave of free agency this year, according to Paton. But the GM still expressed confidence that the Broncos will find the “flexibility” to make the necessary moves, thanks to the salary-cap voodoo that V.P. of football operations Rich Hurtado is able to conjure up.

“This would be extreme,” Paton said of the possible dead-cap ramifications of releasing Wilson. “We’ve prepared for any scenario with Rich Hurtado, who runs our [salary] cap. We’ll have flexibility either way to do what we need to do. We won’t be in on the first wave of free agency like we were last year. You can’t do that every year. We’ll be very strategic and very specific on what positions and what players we try to sign.”

Outside of the NFL awarding a team with compensatory selections, the only way to acquire more draft picks is to make trades. The Broncos have several veteran candidates they could dangle on the stock market to stockpile more picks.

No doubt, Paton will hope the phone rings about Wilson, but the same albatross of a contract weighing down the Broncos’ salary cap will also smother any interest that might be there on the trade market. Plus, NFL teams know the Broncos have little choice but to release Wilson after his demotion came with some blowback, and likely soured the QB’s feelings toward the team.