I think the 500K void year was added so that Wilson could have a lower cap hit in year 1 at 1.85M. Without it, 2024 cap hit would probably be around 2.85M. Pushing the 1M gives the team more cap flexibility this year.
His guarantees looks like he’s entrenched on the WR depth chart as of now. Olave/Shaheed/Perry/Wilson looks to be the WR roster locks. Next significant WR addition will probably be a draft pick or another cheaper FA vet like Renfrow.