NFL free agency is typically when the majority of teams spend their money, splurging on top free agents and re-signing their top talent to keep them from leaving. However, NFL teams also used this offseason to drop hundreds of millions of dollars on contract extensions for their quarterbacks.
The NFL salary cap increased by 13.6 percent from year to year, providing clubs with an additional $30.6 million to spend however they saw fit. With the influx of cash and many around the league confident the salary cap will keep climbing by $18-$20 million annually, there was no better time to spend.
Related: Where NFL revenue comes from
It certainly showed up with contract extensions, especially for quarterbacks. With salaries for the highest-paid NFL players spiking, as each extension signed seemed to set up a new record-breaking deal for the next quarterback. It resulted in NFL teams committing more than $1 billion to quarterbacks.
The action started early with a re-signing, as the Tampa Bay Buccaneers rewarded Baker Mayfield for his outstanding season with a $100 million contract. While the $33 million average annual salary doesn’t come close to the biggest contracts among quarterbacks, it’s still a $100 million deal. The historic deals came later.
NFL teams spending on QB contract extensions & re-signings
| Player | Contract |
|---|---|
| Jordan Love (Packers) | 4 years, $220 million – $55M AAV, $160.3M GTD |
| Trevor Lawrence (Jaguars) | 5 years, $275 million – $55M AAV, $200M GTD |
| Tua Tagovailoa (Dolphins) | 4 years, $212.4 million – $53.1M AAV, $167.17M GTD |
| Jared Goff (Lions) | 4 years, $212 million – $53M AAV, $170.611M GTD |
| Baker Mayfield (Buccaneers) | 3 years, $100 million – $33.33M AAV, $50M GTD |
| TOTAL | $1.019 billion |
Also Read: Richest NFL owners
The Detroit Lions wisely acted first, getting Jared Goff’s contract signed before other quarterback deals came in. Goff still landed a generations-changing deal that gives him a higher salary than Lamar Jackson ($52 million), Patrick Mahomes ($45 million) and Josh Allen ($43 million). But signing early also meant some of his peers used his deal to get more money.
Tua Tagovailoa is the perfect example. While negotiations with the Miami Dolphins took much longer, he received an additional $400,000 more on his contract and a $100,000 higher average salary than Goff. because of his injury history, though, Miami was able to extend him with lower guarantees.
Also Read: NFL awards predictions 2024
Jacksonville Jaguars quarterback Trevor Lawrence matched Joe Burrow as the highest-paid quarterback in NFL history, taking the same contract length and total value ($250 million). He did receive less fully guaranteed ($146.51 million vs $142 million), but his $200 million total guaranteed is the second-most behind Burrow ($219.01 million).
Finally, the Green Bay Packers wrapped things up by giving Jordan Love a four-year extension that tied him with Burrow and Lawrence as the highest-paid player in NFL history. As part of Love’s deal, he received more fully guarantede ($108 million) than Allen (100 million) and Love’s signing bonus ($75 million) is the highest in NFL history.
Dallas Cowboys quarterback Dak Prescott would seemingly be next, but Jerry Jones and the Cowboys front office remain opposed to meeting his asking price. If Prescott hits free agency in 2025, he is widely expected to land a contract worth $60-$65 million annually with the highest guarantees in NFL history.
