Not just the trade. They gave him $240 million and $160 million guaranteed. They could have weathered the loss of draft picks. They already got a first rounder back for Chubb. But now they have a mediocre getting paid as one of the most elite QBs in the league. It is tough to overcome a loss of those draft picks AND having a QB making $40 million a year and playing like a $5 million a year QB.
His cap hit in 2023 goes up to $35 million and $55 million in 2024. According to Sportrac, they really cannot cut him until 2026 and they will still take a $31 million dead cap hit.
If you cannot build through the draft, you can offset that by building in free agency. The problem is the Broncos won't have the flexibility to make a lot of big free agent moves because of Wilson. Chubb probably was traded because they cannot afford to give him a new contract.