Denver had been interested in another star quarterback but as soon as Aaron Rodgers announced he was staying with the Green Bay Packers they made their move.
Seahawks, meanwhile, have entered full-on rebuilding mode by letting their prized asset leave.
The Broncos are sending two first-round picks from the NFL Draft, two second-round picks and a fifth-rounder to Seattle in exchange for Wilson and a fourth-round pick.
Denver will also send quarterback Drew Lock, defensive lineman Shelby Harris and tight end Noah Fant to the Seahawks as part of the eye-watering deal.
The move still needs Wilson to agree on a couple of contract issues and cannot be made official until the start of the new league year on March 16, so in theory could still not go ahead, but all signs point to it being a done deal.
Why Denver think Wilson can win them a Super Bowl
Wilson spent a decade with Seattle, steering them to back-to-back Super Bowls and winning one ring - ironically in a dominant victory over the Denver Broncos in 2014.
The 33-year-old made nine Pro Bowls and recorded more wins in his first 10 NFL seasons than any other QB in NFL history.
Wilson missed the first games of his career last season after having finger surgery, but after struggling on his return played more like his old self down the stretch.
As one of the best QBs in the league during his time, he can make all the throws down the field but also extend plays with his legs and make throws on the run.
Denver have really struggled finding a quarterback, having had the joint-most starters at the position (11) since Peyton Manning retired after winning the Super Bowl in 2016, and they haven't been back to the playoffs since.
A top quarterback is vital in the modern NFL, it's the most important position in American sport and Wilson has proved that he can get it done on the big stage.
Denver the first choice for Russell Wilson
The Broncos already have a tough defence and have plenty of young offensive talent that should offer Wilson ideal conditions to succeed.
Denver have a new head coach in Nathaniel Hackett and talented wide receivers Jerry Jeudy, Courtland Sutton and Tim Patrick. Running back Javonte Williams was also a monster in his rookie season last year.
Denver was Wilson's preferred destination if he was to leave Seattle, but it's now an incredibly tough AFC West division that he'll have to try and conquer.
Wilson will go up against Patrick Mahomes and the Kansas City Chiefs, Justin Herbert's LA Chargers and Derek Carr's Las Vegas Raiders.
The Broncos certainly have improved their Super Bowl chances, but it will be far from easy.