In a statement posted to the team's X page, head coach Sean Payton and general manger George Paton said following a talk with the 35-year-old on Monday morning, they decided they were moving on.

"We thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career," the two said.

The release will become official once the new NFL year starts on March 13.

As shocking as it is to see a nine-time Pro Bowler and one-time Super Bowl champ hit free agency ... the decision was not surprising at all. Remember, Payton had benched Wilson back in December, following two years of mediocre play.

Plus, Wilson's contract wasn't team friendly, to say the least.

For his part, Wilson took the news in stride, saying in a lengthy statement on his own X page that he was grateful for his time in Colorado.

"Over these last two years," he wrote in a message to Broncos fans, "you have welcomed my family and me with open arms and have embraced us as members of the community. This city will always hold a special place in my heart. Our family grew here, we made countless memories and friendships, and formed relationships that will last a lifetime."

It's unclear where Wilson will go next. Some pundits have suspected he could end up being a backup in 2024 -- while others think he could start in places like Pittsburgh, New England or Atlanta.

"Tough times don't last, but tough people do," Wilson added in his statement Monday.