Yes, the NFL is based in New York, so like any other business, they're subject to that state's laws.
I don't know the details of the CBA and how it applies with this current situation with Russell, but I do agree with the concept, that teams should not be allowed to use what is essentially an unfair labor practice to force players to renegotiate terms of an agreement that they themselves were a party to.
But the problem with this situation is that the burden of proof is on the accuser, ie the prosecution, and there is no verifiable evidence that the threat actually occurred let alone that he was benched for a non-football reason. IMO the union/Wilson would need a smoking gun, ie emails, text messages, recorded conversations, something of that nature that shows he was benched in an attempt to force him to take out his injury clause in order for them to successfully sue the Broncos.
To the contrary, there is evidence that supports the exact opposite, that Wilson started 7 straight games after the threat was supposedly made, he was benched after the team had lost 3 of the past 4 games and were virtually eliminated from playoff contention. Even if the Broncos plan on keeping him, it would be a reasonable action to protect him from getting injured in a meaningless game, treat it like a preseason game.
But I have no doubt that the Broncos did make the threat and that benching Russell, although it may not have been retaliation for him not removing the clause, was likely done to prevent him from getting injured so they didn't have to be on the hook for $35M or so.