Joe Burrow, the Cincinnati Bengals’ young star quarterback, has recently inked a massive contract extension that has NFL fans and experts buzzing. The contract’s details, including its average annual value (AAV), guaranteed money, and how it compares to other top-paid quarterbacks, are a hot topic of conversation.
On September 8, 2023, Burrow signed a four-year contract extension worth $200 million with the Bengals, making him one of the highest-paid players in NFL history. Let’s break down the key components of his new deal and compare them to other notable quarterback contracts.
1. Average Annual Value (AAV)
Joe Burrow’s contract extension has an AAV of $50 million, which is a significant leap from his rookie deal. This places him among the highest-paid quarterbacks in the league in terms of AAV. To put it into perspective, the highest AAV in the NFL before Burrow’s extension belonged to Patrick Mahomes of the Kansas City Chiefs, at $45 million per year. Burrow’s AAV surpasses that of Mahomes, making him the new leader in this category.
2. Total Contract Value
Burrow’s four-year extension is worth $200 million in total. While this may seem staggering, it falls short of the record-breaking 10-year, $450 million extension that Mahomes signed with the Chiefs in 2020. Nevertheless, Burrow’s contract is still substantial and reflects his potential and value to the Bengals.
3. Guaranteed Money
One of the most critical aspects of any NFL contract is the guaranteed money, as it provides security for the player. Burrow’s contract includes $150 million in guaranteed money, which is an astounding figure. This amount is only surpassed by the $141 million guaranteed in Mahomes’ deal. However, it’s important to note that Mahomes’ contract is significantly longer, covering ten years, while Burrow’s is only four years. In terms of guaranteed money per year, Burrow’s contract tops the list among NFL quarterbacks.
4. Length of the Contract
As mentioned earlier, Burrow’s extension is for four years, which is relatively shorter than the typical quarterback contract. Many franchise quarterbacks sign more extended deals to provide stability for their respective teams. Mahomes’ ten-year extension with the Chiefs is an outlier in this regard. Justin Herbert of the Los Angeles Chargers, another promising young quarterback, recently signed a six-year extension worth $274 million with an AAV of $45.7 million. Burrow’s shorter contract term may be indicative of his confidence in his performance and the Bengals’ commitment to building a competitive team around him.
5. Cap Hit and Flexibility
While Burrow’s AAV and guaranteed money are substantial, the shorter duration of his contract allows the Bengals some flexibility in managing their salary cap. Teams with quarterbacks locked into long-term mega-deals often face challenges in retaining or acquiring top-tier talent due to cap constraints. In contrast, Burrow’s four-year deal enables the Bengals to make adjustments as needed while still ensuring they have their franchise quarterback under contract.
6. Performance-Based Incentives
Details of Burrow’s contract may include performance-based incentives that can further increase its value. These incentives are often tied to individual achievements or team success, such as making the playoffs or earning Pro Bowl selections. While not all contract details have been released, it’s common for teams to include such clauses to motivate and reward their star players.
In summary, Joe Burrow’s contract extension with the Cincinnati Bengals reflects the rising market for elite NFL quarterbacks. His $50 million AAV and $150 million in guaranteed money place him among the league’s highest-paid players, even surpassing Patrick Mahomes in AAV. The shorter four-year duration provides flexibility for both Burrow and the Bengals, allowing them to adjust their strategies as needed.
This contract showcases the Bengals’ commitment to building a competitive team around their young quarterback, who has shown immense promise since entering the league. As the NFL’s financial landscape continues to evolve, quarterback contracts like Burrow’s will remain a focal point of discussion, setting new benchmarks for future generations of talented signal-callers.
