When Justin Herbert recently signed a five year extension worth $263 million, it was hailed as the best quarterback contract ever.
But it was the best only in new money. The extension doesn’t kick in until 2025 after he plays out the final year of his rookie contract this year and the Chargers have a fifth year option in 2024.
So he actually has a seven-year deal for $296 million, or an average of $42 million
By contrast, Lamar Jackson signed as a free agent for for five $260 million or an average of $51 million a year.
And Jalen Hurts signed a five-year deal for $255 million plus $10 million in the final year of his rookie deal so his average will be about $43 million for six years.
So far, Herbert, Jackson and Hurts are the only quarterbacks to get over $250 million in new money in a five-year deal. But that is about to change.
Joe Burrow this year and Trevor Lawrence next year will likely both top Herbert’s $262.5 million in new month.
Like Herbert, Burrow knows he will get a seven-year deal because the Bengals have already picked up his fifth year option although is calf injury could slow down the negotiations.
And Lawrence figures to get a seven-year deal because the Jaguars are likely to pick up his fifth year option before they sign him to an extension.
Now the question is how much more than Herbert will they get. I assume Burrow gets between $265 million and $275 million and Lawrence tops whatever Burrow gets.
When they sign, they will both be announced as getting more than an average of $50 million a year. But remember this those will be the new money figures.
Overall neither one will average $50 million because Burrow will get a seven-year deal and Lawrence is likely to get one too.
They will get generational wealth but don’t expect either will have over $50 million in new money.