The cap hit is the base salary plus the portion of the signing bonus for that year. The 34 million was spread out from 2013 through 2017 for cap purposes the way the contract is structured now. Yes, they can move that around after the fact, but the way it is right now, he isn't the highest paid QB anymore for next year.
Year Base Salary Signing Bonus Roster Bonus Workout Bonus Cap Hit
2013 $4,500,000 $6,650,000 - $500,000 $11,650,000
2014 $900,000 $6,650,000 $9,500,000 $500,000 $17,550,000
2015 $1,000,000 $6,650,000 $10,100,000 $500,000 $18,250,000
2016 $11,500,000 $6,650,000 $600,000 $500,000 $19,250,000
2017 $12,550,000 $6,650,000 $600,000 $500,000 $20,300,000
2018 $19,800,000 - $600,000 $500,000 $20,900,000
2019 $20,000,000 - $600,000 $500,000 $21,100,000
We couldn't take a 34 million cap hit for Wilson in 1 year. It would have to be distributed over a portion of the contract.