NFL Wraps Up Massive Contract Extension Week

Topline

Despite the economic uncertainty of the 2020 season kicking off amid the pandemic, the NFL wrapped up a massive week of contract negotiations, breaking records for money paid to wide receivers and defensive backs and marking a serious economic bet on the viability of this year’s campaign.

Key Facts

Key Background:

The vast majority of NFL stadiums will not allow any fans in the building over at least the first few weeks of the season due to Covid-19 restrictions and protocols, which will reduce profit margins. Of the 13 NFL games taking place Sunday, the only one featuring fans in the stands was the Indianapolis Colts vs. the Jacksonville Jaguars at TIAA Bank Field. However, teams haven’t shied away from agreeing to mammoth contract extensions this offseason. In July, the Chiefs and reigning Super Bowl MVP Patrick Mahomes reached an agreement on a historic 10-year contract extension that will keep the QB in K.C. through 2031. Worth $503 million over the life of the contract, the deal is the richest in NFL history. In April, Christian McCaffrey and the Carolina Panthers agreed to a four-year contract extension worth $64 million, and left tackle Laremy Tunsil agreed to a three-year, $66 million contract extension with the Houston Texans. In late July, defensive end Joey Bosa came to terms on a five-year, $135 million extension with the Los Angeles Chargers that includes $78 million fully guaranteed at signing. Last month, All-Pro tight end George Kittle agreed to a five-year, $75 million pact with the San Francisco 49ers 

Tangent:

According to ESPN, in order to make room for Dalvin Cook’s new deal, the Vikings had to restructure the contract of linebacker Eric Kendricks, shifting $6 million in base salary to a signing bonus to help spread out the cost. 

Further Reading:

Jalen Ramsey Agrees To 5-Year, $105 Million Contract Extension With Rams (Forbes)

Report: DeAndre Hopkins, Cardinals Agree To $54.5 Million Contract Extension (Forbes)  

Alvin Kamara, New Orleans Saints agree to 5-year extension (ESPN)