It was a seller's market at certain positions when the free agent signing period opened on March 15. Offensive and defensive linemen did particularly well. The market has been soft for skill position players. Teams exercised fiscal restraint with running backs and wide receivers.
Structure is everything with NFL contracts. Unlike MLB and the NBA, fully guaranteed contracts are the exception, not the rule.
Details on 15 noteworthy multiyear deals from the early part of the NFL offseason are below. Average yearly salary and total compensation are the most common contract metrics but most insignificant because of the lack of security with NFL contracts. The overall contract guarantees, amount fully guaranteed at signing, first three years compensation (when applicable) and the earliest realistic contract exit point for the team are also highlighted with each player.
Contract value: $160 million/4 years ($40 million AAV)
Contract guarantees: $104 million ($36 million as signing bonus)
Fully guaranteed at signing: $93 million
Earliest realistic exit point: 2026 ($112.5 million earned)
Jones signing a $40 million-per-year contract this offseason didn't seem imaginable when the Giants declined to pick up a fully guaranteed, $22.384 million, fifth-year option for him in 2023 last spring. The Giants' desire to get a deal done to ensure that a franchise tag could be used on running back Saquon Barkley worked in Jones' favor. His deal is worth as much as $195 million for an average of $48.75 million per year, thanks to incentives and salary escalators.
Jones earns $250,000 apiece for ranking in the NFL's top 15 in passing yards, touchdown passes, total yards (passing, rushing and receiving) and total touchdowns (passing, rushing and receiving) for each year. His base salary in the immediate following season escalates by the amount of incentives earned. It's an additional $375,000 for each category by ranking in the NFL's top 10 and the escalation continues. An extra $375,000 is made with a top 5 ranking for the categories and the escalation applies. Jones is capped at earning $17.5 million over the life of the contract for his individual performance. There are $17.5 million in performance bonuses based on Jones' playtime and the Giants' playoff success.
For instance, Jones would earn the entire $17.5 million for individual achievement by consistently being a top 10 quarterback statistically. This would raise the value of the contract to $44,437,500 without factoring in whether any of the playoff incentives/escalators were earned.
Contract value: $150 million/4 years ($37.5 million AAV)
Contract guarantees: $100 million ($28.5 million as a signing bonus)
Fully guaranteed at signing: $60 million
Earliest realistic exit point: 2025 ($70 million earned)
Carr found a nice landing spot in New Orleans after the Raiders released him before his $32.9 million 2023 base salary and $7.5 million of $41.9 million 2024 base salary became fully guaranteed on Feb. 15 (the third day of the 2023 wavier period). At best, Carr has a three-year deal worth $100 million, which averages $33,333,333 per year. There's $50 million in 2026 to artificially inflate the average to $37.5 million per year. The first two years (2023 and 2024) for $60 million are fully guaranteed at signing. Carr's $30 million 2025 base salary and $10 million fifth day of the 2025 league year roster bonus are guaranteed for injury at signing. The roster bonus becomes fully guaranteed next March on the third day of the 2024 league year while the base salary is completely secure on the third day of the 2025 league year.
Contract value: $75 million/3 years ($25 million AAV)
Contract guarantees: $40 million ($26.1 million signing bonus)
Fully guaranteed at signing: $27.5 million
Earliest realistic exit point: 2025 ($50 million earned)
Smith gets a substantial raise with his new deal after being the NFL's biggest steal on a veteran contract last season. He made $7 million in 2022 on a one-year deal, including $3.5 million of incentives that were earned. Smith's new deal is worth as much as $105 million, which is $35 million per year, because of roster bonus escalators in 2024 and 2025. His $9.6 million fifth day of the 2024 league year roster bonus and $10 million fifth day of the 2025 league year roster bonus can each increase by $15 million primarily based on his performance in the previous season. Essentially, Smith must continue to be the same player he was statistically in 2022 when he threw for a franchise-record 4,282 yards with 30 touchdowns while connecting on 69.8% of his passes for a 100.9 passer rating. Hitting each one of these thresholds increases the roster bonus in the next season by $2 million. There's an additional $2 million for 10 wins or making the playoffs with at least 80% offensive playtime. If all five performance measurements are earned in a given year, there's a $5 million kicker so the roster bonus increase is $15 million instead of $10 million.
Contract value: $72.75 million/3 years ($24.25 million AAV)
Contract guarantees: $33.75 million (no signing bonus)
Fully guaranteed at signing: $33.75 million
Earliest realistic exit point: 2025 ($48.5 million earned)
Garoppolo's contract is in the virtually nonexistent middle class for starting quarterbacks at $24.25 million per year. The Raiders are using a "pay as you go" contract structure where Garoppolo's salary cap number and cash are the same each year. This means the Raiders can walk away without any dead money, a salary cap charge for a player no longer on the roster, in 2025 once there aren't any more salary guarantees left in the deal. The Raiders started including game day active roster bonuses in contracts last year (Davante Adams, Maxx Crosby, Chandler Jones, etc.) with the regime change to head coach Josh McDaniels and general manager Dave Ziegler. Garoppolo's $1.53 million in annual per game roster bonuses ($90,000 for each game on the active roster) are easily the largest to date because of his injury history.
Contract value: $75 million/3-year extension ($25 million AAV)
Contract guarantees: $60 million ($30 million as signing bonus)
Fully guaranteed at signing: $50 million
Earliest realistic exit point: 2026 ($53.65 million earned-new money)
Tunsil's approach to shorter deals is paying off for him. He is the NFL's first $25 million per year offensive lineman after becoming the league's first to $20 million per year three years ago. Tunsil will be in position for another big payday in 2026 when entering his contract year at 31. The three-time Pro Bowler had leverage in his negotiations. Tunsil's 2023 salary cap number was $35,210,834 because of contract restructures in 2021 and 2022. Using a franchise tag on Tunsil for $42.253 million, a 20% increase over his pre-extension 2023 cap number, wasn't going to be a realistic option for the Texans.
Contract value: $90 million/4 years ($22.5 million AAV)
Contract guarantees: $60.02 million ($28 million as signing bonus)
Fully guaranteed at signing: $46.01 million
Earliest realistic exit point: 2026 ($67.590 million earned)
The Commanders didn't waste any time in signing Payne, who had been given an $18.937 million franchise tag, long term. The deal makes Payne the NFL's second-highest-paid interior defensive lineman at $22.5 million per year. The Commanders freed up $10.327 million of 2023 cap space by signing Payne long term. His 2023 cap number is $8.61 million.
Contract value: $102.5 million/5-year extension ($20.5 million AAV)
Contract guarantees: $62.702 million ($27.5 million as signing bonus)
Fully guaranteed at signing: $48.202 million
Three-year cash flow: $65.5 million (first three new years)
Earliest realistic exit point: 2026 ($49.5 million earned-new money)
The Falcons made Lindstrom a top priority despite having him under contract for 2023 at $13.202 million. It's unusual for players with a fifth-year option to sign contract extensions during the first wave of free agency. Lindstrom is the first offensive guard to sign for more than $20 million per year. He established new offensive guard benchmarks for guarantees with $62.702 in total guarantees and $48.202 fully guaranteed at signing.
Contract value: $80 million/4 years ($20 million AAV)
Contract guarantees: $40 million ($23 million as signing bonus)
Fully guaranteed at signing: $40 million
Earliest realistic exit point: 2025 ($40.75 million earned)
Hargrave returning to the Eagles was unlikely after he had a career-high 11 sacks in 2022, which was fourth in the NFL among interior defensive linemen. He priced himself out of Philadelphia with his 2022 performance. Hargrave got a $20 million-per-year deal despite being 30 years old.
Contract value: $72 million/4 years ($18 million AAV)
Contract guarantees: $50 million ($9.75 million as signing bonus)
Fully guaranteed at signing: $36.8 million
Earliest realistic exit point: 2026 ($57 million earned)
Edmunds becomes the highest-paid off-ball linebacker ever in free agency at $18 million per year. Overall, he is the NFL's fourth-highest-paid off-ball linebacker behind Roquan Smith ($20 million per year), Shaquille Leonard ($19.7 million per year) and Fred Warner ($19.045 million per year). Edmunds' $50 million in overall guarantees and $36.8 million fully guaranteed at signing rank fourth and third, respectively, for off-ball linebackers.
Contract value: $64.02 million/4 years ($16.005 million AAV)
Contract guarantees: $36 million ($18 million as signing bonus)
Fully guaranteed at signing: $36 million
Earliest realistic exit point: 2025 ($36 million earned)
Bates' departure from the Bengals seemed inevitable because of a readymade replacement in 2022's 31st overall pick Daxton Hill and a second franchise tag wasn't placed on him for $15,493,200, 120% of his initial one last year. The deal makes Bates the NFL's fourth-highest-paid safety at $16.005 million per year.
Contract value: $80 million/4 years ($20 million AAV)
Contract guarantees: $60 million ($18.9 million as signing bonus)
Fully guaranteed at signing: $40 million
Earliest realistic exit point: 2026 ($60 million earned)
The Chiefs surprisingly put Taylor in the exclusive $20 million per offensive lineman club rather than re-sign left tackle Orlando Brown Jr., who played 2022 under a $16.662 million franchise tag. Taylor will be making the transition to left tackle after spending his four-year NFL career with the Jaguars at right tackle. In college at the University of Florida, Taylor spent nearly all of his time at right tackle.
Contract value: $64.092 million/4 years ($16.023 million AAV)
Contract guarantees: $30 million ($31.1 million as roster bonus)
Fully guaranteed at signing: $31.1 million
Earliest realistic exit point: 2025 ($42.346 million earned)
The Chiefs defied conventional wisdom by letting Brown hit the open market instead of putting a franchise tag on him for a second straight year at $19,994,440. Signing Taylor to replace Brown wasn't expected either. Brown found a home in Cincinnati on a front-loaded deal where 66.1% of the money is in the first two years. As expected, Brown's deal is light on guarantees relative to comparable offensive tackle contracts. That's because the Bengals are in the dark ages when it comes to structuring contracts for veteran players. The only guaranteed money in Cincinnati veteran contracts is a signing bonus and/or a roster bonus payable within a few days of signing.
Contract value: $87.5 million/5 years ($17.5 million AAV)
Contract guarantees: $52.5 million ($17.5 million as signing bonus)
Fully guaranteed at signing: $35 million
Three-year cash flow: $52.5 million
Earliest realistic exit point: 2026 ($52.5 million earned)
The Broncos put McGlinchey in the top tier for right tackle pay. McGlinchey is tied with Braden Smith as the NFL's fourth-highest-paid right tackle at $17.5 million per year. Lane Johnson and Ryan Ramczyk are the only right tackles with more than McGlinchey's $52.5 million in overall guarantees.
Contract value: $51.53 million/3 years ($17,176,667 million AAV)
Contract guarantees: $30 million ($20 million as signing bonus)
Fully guaranteed at signing: $23 million
Earliest realistic exit point: 2025 ($35.02 million earned)
Jones has the largest average yearly salary ($17,176,667 per year) that the Seahawks have ever given to another team's free agent. He is the marquee signing in an attempt to shore up a defense that ranked 30th in rushing yards allowed per game (150.2) and 26th in average yards given up per running play (4.87) last season.
Contract value: $45.75 million/3 years ($15.25 million AAV)
Contract guarantees: $32.5 million ($15 million as signing bonus)
Fully guaranteed at signing: $32.5 million
Earliest realistic exit point: 2025 ($32.5 million earned)
Familiarity brings comfort in the Broncos replacing Jones. A reunion between new Broncos defensive coordinator Vance Joseph and Allen is taking place. Joseph had the same role with the Cardinals during Allen's four NFL seasons (2019 through 2022).
