The Detroit Lions’ first priority for the 2024 offseason is likely to be Jared Goff’s contract extension.
Before he plays the last year of the contract he signed with the Los Angeles Rams in 2019, Goff has the option to negotiate a long-term deal at any time. Goff, who is expected to earn $27.3 million in 2024 in addition to a $5 million roster bonus on Thursday, stated his intention to remain in Detroit during the season.
Coming off one of his best seasons in his eight-year career (30 touchdowns, 12 interceptions), Goff, 29, helped the Lions to heights they haven’t seen in a generation and established himself as a respected sports figure in the city, where fans would sing his name wherever they went.
As the NFL pay cap grows each season, quarterback transactions continue to fetch exorbitant amounts. At first look, Goff’s contract would seem outrageous; according to CBS’ Boomer Esiason, it could be worth $50 million a year, which would be in pace with other recent quarterback deals.
To help you with Goff’s upcoming contract, here are the 12 quarterback contracts that are worth more than $40 million a year:
NFL quarterback contracts at the top
Joe Burrow of the Bengals
On the eve of the 2023 season, Burrow, 27, inked a five-year, $275 million contract that would start in 2025, giving him the biggest annual salary of any quarterback in the league. In addition to carrying a $219 million guarantee, the deal had a $40 million signing bonus. It has an average annual valuation of $55 million, with a cap that can reach $68.5 million in the last year, 2029.
Justin Herbert, Los Angeles Chargers
Herbert, who turns 26 on Sunday, is another quarterback picked in the 2020 draft who secured a significant contract extension with the team that chose him. Last July, he consented to a five-year, 262.5 million contract worth $52.5 million a year, with an initial start date of 2025. A $16.1 million signing bonus and $218.7 million in guaranteed funds were included in the agreement. The agreement caps the amount at $37.3 million in 2025, increases it to $71.2 million in 2028, and then decreases it in 2029.
Lamar Jackson, Baltimore Ravens
After months of trade rumours, the reigning NFL MVP inked a new contract this summer. In April of last year, Jackson, then 27 years old, put a stop to all the rumours and became, for a brief while, the highest-paid signal caller in the league when he inked a five-year, $260 million contract that included a $72.5 million signing bonus on top of the $185 million guaranteed. The agreement went into effect right away, so Jackson has four years left on it. In 2024, he will be subject to a $32.4 million cap hit; by the last year, 2027, that amount would have increased to $74.65 million, with a $51 million basic salary.
Jalen Hurts, Philadelphia Eagles
Hurts, 25, signed a massive five-year, $255 million contract only ten days before Jackson in April after guiding the Eagles to the Super Bowl in 2022. With a $23.3 million signing bonus and $179.4 million guaranteed, the deal was worth $51 million on average yearly. The terms of Hurts’ contract are as follows: he will receive a $38.9 million guaranteed bonus in addition to a low basic salary of $13.6 million in 2024 ($1.125 million base salary, $4.6 million signing bonus, and $7.8 million option).
Russell Wilson, team TBD
The most recent instance of a big quarterback contract gone horribly wrong is the Broncos’ acquisition of Wilson and the extension that followed. Wilson signed a five-year, $242.5 million contract, paying $48.5 million year, just before the 2022 season after being traded out of Seattle. The deal included a $161 million guaranteed and a $50 million signing bonus. Wilson’s poor performance in his first two seasons called for an early breakup, and the Broncos chose to cut him and absorb an NFL record $85 million in dead cap in order to part ways. The contract was supposed to start this season. As a free agent, Wilson, 35, is no longer restricted.
Kyler Murray, Arizona Cardinals
The 26-year-old Murray signed a five-year, $230.5 million agreement in July 2022, which is worth $46.1 million a year, including a $29 million signing bonus and a guaranteed $159.8 million. Murray’s contract begins this season and he will have a $51.8 million cap hit in 2024 (which includes a $37 million basic salary). Until he becomes a free agent after the 2028 season, his cap cost will remain between $43 million and $55 million.
Deshaun Watson, Cleveland Browns
After making a trade for Watson, the Browns signed him to a five-year, $230 million contract deal in March 2022, which included a $44.96 million signing bonus. This contract was fully guaranteed. Watson earned $46 million yearly. With three seasons left on his contract, Watson will be a free agent once more in 2027. His compensation is capped at $63.97 million per season, which includes a $46 million base salary.
Patrick Mahomes, Kansas City Chiefs
Yes, the 28-year-old Mahomes is the last person on the list of average salary. Following his first Super Bowl victory, the two-time MVP of the Super Bowl agreed to a 10-year, $450 million contract with the Chiefs in July 2020. The value of Mahomes’ contract is $45 million a year, with his most costly years being 2024–2027. These years have a cap hit of at least $58 million a year before it declines for the final years. In an effort to provide flexibility, the Chiefs reorganised roster bonuses into signing bonuses in September.
Josh Allen, Buffalo Bills
In August 2021, Allen signed a six-year, $258 million contract with the Bills, which guaranteed him $150 million and came with a $16.5 million signing bonus. The deal was worth $43 million annually. With five years left, Allen’s cap hit will reach $56 million in 2025, with a $47 million cap hit in 2024. To free up cap space, the Bills turned a portion of his 2023 salary into a signing bonus. Since then, they have worked to reduce payroll even further.
Matthew Stafford, Los Angeles Rams
Yes, that is a well-known face. The Rams extended Stafford’s contract by $160 million for four years. The deal is worth $40 million per year and includes a $60 million signing bonus in addition to a guaranteed $130 million. Stafford is 36 years old. He is slated to become a free agency in 2027. The contract began in 2023 and has cap hits of $49.5 million or $50 million in the final three seasons. After being traded from Detroit for Goff and draft picks, Stafford earned the deal by leading the Rams to a Super Bowl victory in his rookie season.
Dak Prescott, Dallas Cowboys
Prescott, 30, signed a four-year, $160 million contract extension worth $40 million yearly in March 2021, making him the second of three quarterbacks on this list. A $66 million signing bonus and a guaranteed $126 million were included in the deal. Prescott’s contract has one year left on it, with a $59.45 million cap charge. If a new deal is not reached, a $29 million free agency may be looming in 2025.
Daniel Jones, New York Giants
Jones, 26, became a free agent in March 2023 after guiding the Giants to the postseason and inked a four-year, $160 million contract. His contract has a cap hit of between $41 million and $58 million every season until 2026. Jones is expected to pay $35.5 million in basic salary plus a $47 million cap hit in 2024.