Agent’s Take: Breaking down 15 notable multiyear contracts from early part of 2024 NFL free agency

The salary cap going up an unprecedented $30.6 million created a seller’s market when the NFL free agent signing period opened on March 13. Twelve players with expiring contracts have signed for $20 million per year or more.

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 2024 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. The deals are listed in order by average yearly salary.

Contract Value: $180 million/4 years ($45 million-per-year average)

Contract Guarantees: $100 million ($50 million as signing bonus)

Fully Guaranteed At Signing: $90 million

Earliest Realistic Exit Point: 2026 ($100 million earned)

Cousins capitalized on hitting the open market for the first time since 2018 when he broke new ground with the NFL’s first lucrative fully guaranteed veteran contract despite tearing his right Achilles eight weeks into the 2023 season. At $45 million per year, Cousins is the NFL’s eighth-highest paid player right behind quarterback Deshaun Watson, who signed a fully guaranteed five-year contract averaging $46 million per year with Cleveland Browns in 2022 when he was traded from the Houston Texans. Incentives make Cousins’ deal worth as much as $188 million.

The first two years of Cousins’ contract (2024 and 2025) for $90 million are fully guaranteed at signing. The additional $10 million in contract security comes from Cousins’ fifth day of the 2026 league year roster bonus, which is guaranteed for injury at signing and becomes fully guaranteed next March on the fifth day of the 2025 league year.

Contract Value: $100 million/3 years ($33,333,333-per-year average)

Contract Guarantees: $50 million (no signing bonus)

Fully Guaranteed At Signing: $40 million

Earliest Realistic Exit Point: 2026 ($60 million earned) 

The modest one-year, $4 million deal worth up to $8.5 million through incentives Mayfield took last March to join the Buccaneers paid off as he resurrected his career with his performance during the 2023 season. The four-year, $150 million contract Derek Carr received from the New Orleans Saints last March seemingly was a blueprint for Mayfield’s deal. Realistically, Carr’s contract is $100 million over three years at best, just like Mayfield’s, because there’s $50 million in 2026 to artificially inflate the average to $37.5 million per year. Mayfield’s deal is worth as much as $115 million through incentives. Carr doesn’t have any incentives or salary escalators in his contract.

Mayfield’s first year, or 2024 cap number, is $6.9 million. He has $28.875 million in fully guaranteed 2024 roster bonuses being treated like signing bonus for salary cap purposes. This $28.875 million is prorated at $5.775 million annually through 2028 because 2027 and 2028 contract years automatically voiding on the 23rd day before the 2027 league year starts were added for cap purposes.

Mayfield’s 2025 cap number jumps to $35.775 million. There would be $33.1 million of dead money, a salary cap charge for a player no longer on a team’s roster, if the Buccaneers released Mayfield in a conventional manner next year because $10 million of Mayfield’s $30 million 2025 base salary was fully guaranteed at signing. A release would have to be next March before the fifth day of the 2025 league year when another $10 million of the 2025 base salary that’s guaranteed for injury becomes fully guaranteed.

Contract Value: $158.75 million/5 years ($31.75 million-per-year average)

Contract Guarantees: $95.3 million ($30 million as signing bonus)

Fully Guaranteed At Signing: $60 million

Three-Year Cash Flow: $95.3 million

Earliest Realistic Exit Point: 2027 ($95.3 million earned)

The Chiefs made sure Jones didn’t get to the open market by getting a deal done before their exclusive negotiating rights with him ended. Jones became the NFL’s highest-paid interior defensive lineman and second-highest paid non-quarterback at $31.75 million per year. Only edge rusher Nick Bosa is ahead him with the five-year, $170 million contract extension averaging $34 million per year he received from the San Francisco 49ers last September right before the 2023 regular season started.

Trying to beat the yearly cash flow in the three-year, $95 million contract newly retired Aaron Donald signed with the Los Angeles Rams in 2022 to become the league’s highest-paid non-quarterback at $31,666,667 per year clearly was important. Jones’ cash after the first, second and third contract years is $31.35 million, $60.2 million and $95.3 million respectively. It was $31.5 million, $60 million and $95.3 million for Donald.

Contract Value: $141 million/5 years ($28.2 million-per-year average)

Contract Guarantees: $87.5 million ($25 million as signing bonus)

Fully Guaranteed At Signing: $76 million

Three-Year Cash Flow: $90 million

Earliest Realistic Exit Point: 2027 ($90 million earned)

A contract stalemate led to the Carolina Panthers placing a $24.007 million franchise tag on Burns then trading him to the New York Giants for a 2024 second-round pick and a 2025 fifth-round pick. There was also a swap of 2024 fifth-round picks. Burns got the big payday he had been wanting from the Panthers in connection with the trade. The Giants made Burns the NFL’s second-highest paid edge rusher with a $28.2 million-per-year contract. Burns’ contract will surely become an important data point in any negotiations edge rusher Josh Allen, who was designated as a franchise player by the Jacksonville Jaguars, has for a long-term deal.

Contract Value: $110 million/4 years ($22.5 million-per-year average)

Contract Guarantees: $82.75 million ($24 million as signing bonus)

Fully Guaranteed At Signing: $57.5 million

Earliest Realistic Exit Point: 2027 ($84.25 million earned) 

Wilkins was the beneficiary of the Miami Dolphins letting him test free agency rather than designating him as a franchise player for $22.102 million. Chris Jones ($31.75 million per year) and Justin Madubuike ($24.5 million per year) getting deals done prior to the start of free agency to remain with the Kansas City Chiefs and Baltimore Ravens also worked to Wilkins’ advantage. Wilkins became the league’s third-highest paid interior defensive lineman at $27.5 million per year when he signed with Raiders. He is now second because of Aaron Donald retiring.

Contract Value: $98 million/4 years ($24.5 million-per-year average)

Contract Guarantees: $75.5 million ($25 million as signing bonus)

Fully Guaranteed At Signing: $53.5 million

Earliest Realistic Exit Point: 2027 ($75.5 million earned)

The Ravens didn’t waste any time in signing Madubuike, who had been given a $22.102 million franchise tag, long term. The two-day negotiation period before the start of free agency hadn’t even begun. The deal briefly made Madubuike the NFL’s second-highest paid interior defensive lineman at $24.5 million per year. The Ravens freed up $11.102 million of 2024 cap space by signing Madubuike long term relative to him remaining on his franchise tag. His 2024 cap number is $11 million.

Contract Value: $49 million/2 years ($24.5 million-per-year average)

Contract Guarantees: $48 million ($21 million as signing bonus)

Fully Guaranteed At Signing: $48 million

Earliest Realistic Exit Point: None ($49 million earned)

Better late than never for Hunter. He had been perpetually unhappy with the five-year, $72 million extension (worth up to $77 million through salary escalators) he received from the Minnesota Vikings in 2018 that finally expired after the 2023 season. A couple of salary adjustments were made as the deal progressed to keep Hunter from being so disgruntled. Fortunately, Hunter, who turns 30 in October, was able to cash in because had a career-high 16.5 sacks in 2023.

Contract Value: $70 million/3 years ($23,333,333-per-year average)

Contract Guarantees: $46 million ($15 million as signing bonus)

Fully Guaranteed At Signing: $41 million

Earliest Realistic Exit Point: 2026 ($46 million earned) 

Pittman called failing to reach a contract extension before the 2023 season started a blessing in disguise. He had a career year with 109 receptions, 1,152 receiving yards and four touchdown catches in 16 games last season. A $21.816 million franchise tag wasn’t a surprise because the Colts really couldn’t run the risk of their best receiving threat getting away with 2023 fourth overall pick Anthony Richardson, who suffered a season-ending shoulder injury in Week 5, as the quarterback of the future.

Contract Value: $92 million/4 years ($23 million-per-year average)

Contract Guarantees: $50 million ($20 million as signing bonus)

Fully Guaranteed At Signing: $46.98 million

Earliest Realistic Exit Point: 2026 ($51.02 million earned)

Ridley returned from a one-year suspension under the NFL’s gambling policy to post 76 catches for 1,016 receiving yards and eight touchdowns in 2023 with the Jacksonville Jaguars. The Titans will be paying a hefty price for Ridley if DeAndre Hopkins, who is in the final year of a two-year, $26 million contract (worth up to $31.15 million through incentives), proves to be the No. 1 wide receiver.

Contract Value: $84 million/4-year extension ($21 million-per-year average)

Contract Guarantees: $50 million ($19.945 million as signing bonus)

Fully Guaranteed At Signing: $38.89 million

Earliest Realistic Exit Point: 2027 ($63 million earned)

Locking up core players well in advance of free agency has been a long standing philosophy for the Eagles. Dickinson was scheduled to make $4.98 million in 2024, the final year of his four-year rookie contract, before becoming the NFL’s highest-paid offensive guard at $21 million per year. The deal is worth up to $87 million through salary escalators based on Pro Bowl and All-NFL selections. The Eagles used the same multiple option bonus structure with voiding/dummy contract years for Dickerson that their quarterback Jalen Hurts’ deal has. This type of structure keeps Dickerson’s cap numbers manageable because option bonuses are prorated over the life of a contract up to a maximum of five years, just like signing bonus.

Contract Value: $41 million/2 years ($20.5 million per year average)

Contract Guarantees: $35 million (no signing bonus)

Fully Guaranteed At Signing: $29 million

Earliest Realistic Exit Point: None ($41 million earned)

Evans’ deal was originally reported as $52 million for two years, averaging $26 million per year. That’s the maximum value of the contract if all $11 million of the incentives and salary escalators are earned, which is highly unlikely. In order to earn the entire $52 million, the Buccaneers will have to win back-to-back Super Bowls because $4 million of the $11 million is tied to playoff success. If Evans can continue to be the player he has been during the first 10 years of his NFL career, he should earn $6 million to $7 million of the performance bonuses.

Barring a complete collapse next season, Evans should complete his two-year contract. The Buccaneers already took an unsecured $21.79 million roster bonus that was counting on the 2024 salary cap and made it fully guaranteed. The practical impact is the roster bonus gets prorated at $4.358 million annually through 2028, which includes the three dummy/voiding years (2026 to 2028) in Evans’ contract.

Contract Value: $100 million/5 years ($20 million-per-year average)

Contract Guarantees: $63 million ($26.5 million as signing bonus)

Fully Guaranteed At Signing: $44 million

Three Year Cash Flow: $63 million

Earliest Realistic Exit Point: 2027 ($63 million earned)

Hunt joined the exclusive $20 million-per-year club for offensive guards. He’s the fourth member along with the Eagles’ Landon Dickerson ($21 million per year), the Falcons’ Chris Lindstrom ($20.5 million per year) and the Colts’ Quenton Nelson ($20 million per year). The Panthers are putting the money and salary cap space gained from trading edge rusher Brian Burns to the New York Giants into protecting quarterback Bryce Young, 2023’s first overall pick, by investing in Hunt.

Contract Value: $76 million/4 years ($19 million-per-year average)

Contract Guarantees: $54.4 million ($20 million as signing bonus)

Fully Guaranteed At Signing: $43.8 million

Earliest Realistic Exit Point: 2026 ($44 million earned)

The Bears quickly reached an agreement with Johnson, who had been designated as franchise player for $19.802 million. Johnson would have made $43,564,400 going year-to-year by playing on two straight franchise tags. The difference between this amount and the $44 million of cash in the first two years (2024 and 2025) of Johnson’s deal is negligible.

Johnson will get $10.26 million of his $15.05 million 2026 base salary guaranteed for injury at signing. Out of this $10.26 million, $7.26 million is fully guaranteed on the third day of the 2026 league year. Surprisingly, Johnson’s third-year guarantees in 2026 don’t vest early like in the four-year, $72 million contract linebacker Tremaine Edmunds signed with the Bears as a free agent last March. The $8.2 million of Edmunds’ 2025 or third year base salary guaranteed for injury at signing became fully guaranteed on the third day of the 2024 league year (a year early), which was March 15. 

Johnson’s $19 million average yearly salary doesn’t make him one of the league’s five highest-paid cornerbacks. He would have needed to sign for more than $19.4 million per year for solo fifth place.

Contract Value: $41 million/3 years ($13,666,667-per-year average)

Contract Guarantees: $13.84 million ($11.59 million as signing bonus)

Fully Guaranteed At Signing: $13.84 million

Earliest Realistic Exit Point: 2025 ($13.84 million earned)

Queen got the top off-ball linebacker contract in free agency at $13,666,667 per year. The Steelers have been in the dark ages when it comes to structuring contracts for veteran players. The only guaranteed money in most Pittsburgh veteran contracts is a signing bonus and/or a roster bonus payable within a few days of signing. The bigger deals contain an unsecured third or fifth day of the league year roster bonus in the second and/or third years. The roster bonuses are supposed to be substitutes for additional contract guarantees. The overall guarantees in Steelers contracts are less than comparable deals on other teams. Exceptions have been made in recent years, first with T.J. Watt, then for Minkah Fitzpatrick when respectively becoming the NFL’s highest-paid edge rusher and safety.

Queen’s deal doesn’t have salary guarantees, like Watt and Fitzpatrick have in their contracts. He has an unsecured $6.67 million fifth day of the 2025 league year roster bonus as a part of the $13.83 million he is scheduled to make in 2025.

Contract Value: $37.75 million/3 years ($12,583,333-per-year average)

Contract Guarantees: $26 million ($11.625 million as signing bonus)

Fully Guaranteed At Signing: $26 million

Earliest Realistic Exit Point: 2026 ($26 million earned)

The economic conditions didn’t seem favorable for running backs heading into free agency with Austin Ekeler, Derrick Henry, Josh Jacobs, Tony Pollard and D’Andre Swift being available in addition to Barkley. NFL teams exercising fiscal restraint with running backs in free agency last year also wasn’t a positive sign for ball carriers. Nonetheless, the Eagles gave Barkley the type of deal he had been seeking from the New York Giants at $12,583,333 per year before playing the 2023 season under a $10.091 million franchise tag.