The financial landscape of the NFL is evolving rapidly, with player salaries increasing year after year. As we approach the 2024 season, the question on many fans’ minds is: Who is the highest-paid NFL player in 2024?
Who Is The Highest Paid NFL Player in 2024?
As of 2024, the title of the highest-paid NFL player belongs to Joe Burrow, the star quarterback of the Cincinnati Bengals. In September 2023, Burrow signed a record-breaking five-year contract extension worth $275 million, including $219 million in guaranteed money, making him the highest-paid player in the history of the league.
Burrow’s rise to this level of compensation is no surprise. Since being drafted as the first overall pick in the 2020 NFL Draft, he has quickly cemented his position as one of the league’s elite quarterbacks. Leading the Bengals to a Super Bowl appearance in just his second season and maintaining a high level of play, Burrow’s contract reflects not only his current abilities but the future potential he holds as a franchise cornerstone.
Contract Breakdown:
- Total Contract Value: $275 million (5 years)
- Average Annual Salary: $55 million
- Guaranteed Money: $219 million
- Signing Bonus: $80 million
- Incentives and Performance Bonuses: Burrow’s contract includes incentives tied to team performance, individual statistics, and postseason appearances.
This contract outpaces the previous record held by Patrick Mahomes, who had signed a historic 10-year deal with the Kansas City Chiefs in 2020 worth $450 million. While Mahomes’ deal remains the largest in terms of total value, Burrow’s contract sets a new standard for annual earnings and guaranteed money, which has become a key metric for player contracts.
Why Joe Burrow?
The reasoning behind Burrow becoming the highest-paid player is multifaceted. Burrow is young, talented, and has already proven his ability to lead a team deep into the playoffs. In today’s NFL, quarterbacks are not just paid for their on-field production but also for their leadership and the ability to elevate the entire team. With the Bengals poised to be Super Bowl contenders for years to come, Cincinnati has secured their franchise quarterback for the foreseeable future.
Moreover, the Bengals’ front office structured Burrow’s contract in a way that gives them flexibility to build a competitive roster around him, ensuring that the team can continue to invest in high-quality players while keeping Burrow’s salary manageable under the NFL’s salary cap.
In addition, endorsements have added significantly to Burrow’s overall financial standing. Brands such as Nike, BodyArmor, and Fanatics have partnered with Burrow, enhancing his status as one of the most marketable players in the league. Although his on-field earnings are record-breaking, his off-field income is substantial as well, making him one of the most financially successful athletes of his generation.
Top 5 Highest Paid NFL Players in 2024
The NFL is home to many talented players who are compensated at astronomical levels. While Joe Burrow currently holds the top spot, he is not alone in the elite group of highly-paid athletes. The following is a breakdown of the top 5 highest-paid NFL players in 2024, considering both their annual salary and total contract value.
1. Joe Burrow (Cincinnati Bengals) – $55 million per year
- Position: Quarterback
- Contract Value: $275 million (5 years)
- Guaranteed Money: $219 million
- Signing Bonus: $80 million
- Key Achievements: Super Bowl appearance, Pro Bowl selection, AP Comeback Player of the Year (2021)
As discussed in the previous section, Burrow’s new contract sets the benchmark for NFL salaries, combining both high guaranteed money and an impressive annual average salary.
2. Justin Herbert (Los Angeles Chargers) – $52.5 million per year
- Position: Quarterback
- Contract Value: $262.5 million (5 years)
- Guaranteed Money: $218 million
- Signing Bonus: $65 million
- Key Achievements: Offensive Rookie of the Year (2020), multiple Pro Bowl appearances
Shortly before Burrow’s extension, Justin Herbert briefly held the title of the highest-paid NFL player with his own five-year deal worth $262.5 million. Herbert, known for his strong arm and leadership in the Chargers’ offense, quickly became a fan favorite and earned his massive payday after three impressive seasons.
3. Lamar Jackson (Baltimore Ravens) – $52 million per year
- Position: Quarterback
- Contract Value: $260 million (5 years)
- Guaranteed Money: $185 million
- Signing Bonus: $72 million
- Key Achievements: NFL MVP (2019), multiple Pro Bowl selections
After a long negotiation period, Lamar Jackson signed a massive contract in 2023 that made him one of the league’s highest earners. Jackson’s unique dual-threat ability as both a passer and rusher revolutionized the quarterback position, leading Baltimore to lock him in as their franchise player for the foreseeable future.
4. Patrick Mahomes (Kansas City Chiefs) – $45 million per year
- Position: Quarterback
- Contract Value: $450 million (10 years)
- Guaranteed Money: $141 million
- Signing Bonus: $63 million
- Key Achievements: 2x Super Bowl Champion, 2x NFL MVP, 2x Super Bowl MVP
While Patrick Mahomes’ contract remains the largest in total value, the structure of the deal, spread out over ten years, results in a lower annual salary compared to newer contracts. However, Mahomes continues to be one of the league’s highest earners and is arguably its most successful player, with multiple Super Bowl titles and MVP awards under his belt.
5. Jalen Hurts (Philadelphia Eagles) – $51 million per year
- Position: Quarterback
- Contract Value: $255 million (5 years)
- Guaranteed Money: $179 million
- Signing Bonus: $60 million
- Key Achievements: Super Bowl appearance, Pro Bowl selection
Jalen Hurts signed a groundbreaking extension in 2023, becoming the highest-paid player at the time before Herbert and Burrow surpassed him. Hurts’ rapid development as a quarterback, along with his leadership during the Eagles’ Super Bowl run, made him an essential piece of the franchise’s future.
Top 5 NFL Player Salaries in 2024
| Player | Team | Position | Total Contract Value | Guaranteed Money | Average Annual Salary |
|---|---|---|---|---|---|
| Joe Burrow | Cincinnati Bengals | QB | $275 million (5 years) | $219 million | $55 million |
| Justin Herbert | Los Angeles Chargers | QB | $262.5 million (5 years) | $218 million | $52.5 million |
| Lamar Jackson | Baltimore Ravens | QB | $260 million (5 years) | $185 million | $52 million |
| Patrick Mahomes | Kansas City Chiefs | QB | $450 million (10 years) | $141 million | $45 million |
| Jalen Hurts | Philadelphia Eagles | QB | $255 million (5 years) | $179 million | $51 million |
Key Takeaways:
- Quarterbacks Dominate: All of the highest-paid players in 2024 are quarterbacks, underscoring the immense value placed on the position. The quarterback is often seen as the most critical player on the field, making these salaries reflective of their importance to a team’s success.
- Contract Length and Structure: Mahomes’ 10-year deal is an outlier, as most of the top contracts are shorter-term (5 years). Teams now prefer flexibility, offering massive guarantees in shorter contracts to retain their key players while avoiding the long-term risks associated with decade-long deals.
- Guaranteed Money Matters: The guaranteed money portion of these contracts has become a focal point in negotiations. Joe Burrow’s $219 million in guarantees sets a new standard, which future contracts are likely to follow.
How Have NFL Salaries Evolved Over the Years?
The rise in NFL player salaries over the past few decades has been nothing short of extraordinary. While today’s contracts reach hundreds of millions of dollars, this was not always the case. To understand how the NFL arrived at these astronomical figures, it is essential to look back at the history of player compensation and the key factors that have contributed to this growth.
Historical Perspective on NFL Contracts
When the NFL first began in the 1920s, player salaries were relatively modest. Many players held second jobs in the offseason to supplement their incomes. The league was not yet the financial juggernaut it is today, and revenue streams from television deals, merchandise sales, and sponsorships were minimal. It wasn’t until the NFL started to gain mainstream popularity in the 1960s and 1970s that player salaries began to climb.
During the 1980s, NFL contracts started to see significant increases, partly due to rising television revenues and the growing visibility of the league. By the 1990s, as the NFL became the most-watched sport in America, salaries reached new heights, and players like Brett Favre and Dan Marino were among the highest-paid athletes in the country.
However, the most transformative period in NFL salary evolution came with the introduction of the salary cap in 1994. The salary cap was a mechanism to limit how much teams could spend on player contracts, promoting competitive balance while simultaneously protecting teams from financial ruin. Despite the cap, star players continued to negotiate higher contracts, especially quarterbacks who often drive team success.
Key Milestones in NFL Salary History
To better understand the evolution of NFL salaries, it is helpful to look at a few key milestones:
- The First $1 Million Contract (1978):
- Player: Tom Cousineau, linebacker for the Montreal Alouettes (CFL) and later the Cleveland Browns.
- While technically in the Canadian Football League, Cousineau’s contract was the first significant step towards larger player compensation in North American football.
- The First $100 Million Contract (2001):
- Player: Brett Favre, quarterback for the Green Bay Packers.
- Favre signed a 10-year, $100 million contract, marking the NFL’s first nine-figure deal.
- The $450 Million Deal (2020):
- Player: Patrick Mahomes, quarterback for the Kansas City Chiefs.
- Mahomes signed the largest contract in professional sports at the time—a 10-year, $450 million deal, solidifying him as the face of the league.
- Record-Breaking Guaranteed Money (2024):
- Player: Joe Burrow, quarterback for the Cincinnati Bengals.
- Burrow’s contract set a new record for guaranteed money, with $219 million secured, surpassing all previous contracts in terms of guaranteed value.
Factors Contributing to the Rise in NFL Salaries
Several key factors have fueled the exponential rise in player salaries, especially over the last two decades. These factors include:
1. Media and Broadcasting Deals
- The NFL’s multibillion-dollar television contracts with networks like ESPN, CBS, NBC, and Fox have been the most significant driver of player salaries. These deals generate enormous revenue for the league, a portion of which is shared with the players through the salary cap.
- In 2021, the NFL signed a new broadcast deal worth $110 billion over 11 years, further solidifying its financial power. This influx of money allows teams to offer bigger contracts to their top players, particularly quarterbacks, who play the most visible role in attracting viewership.
2. League Revenue Growth
- Along with media deals, other revenue streams such as merchandising, ticket sales, sponsorships, and streaming services have dramatically increased the NFL’s total revenue. The league now earns over $18 billion annually, a figure that is expected to rise steadily in the coming years.
- Revenue sharing, in which all 32 teams receive a portion of the league’s earnings, ensures that even smaller market teams can afford to offer competitive contracts to attract talent.
3. Salary Cap Adjustments
- The NFL’s salary cap is tied directly to league revenues. When the league earns more, the salary cap rises, allowing teams to spend more on players. In 2023, the salary cap was set at $224.8 million, marking an increase from previous years.
- The increase in the cap has allowed teams to offer unprecedented contracts to players, especially at key positions like quarterback, where performance has a direct impact on team success.
4. Player Empowerment and Negotiation Tactics
- Today’s players are more empowered than ever to negotiate massive contracts. Agents and players understand the importance of guaranteed money in a sport with high injury risk, pushing for contracts that secure their financial future regardless of performance.
- Players such as Kirk Cousins, who signed the first fully guaranteed contract in 2018, have shifted the market, leading to record guarantees for stars like Burrow, Herbert, and Jackson.
Notable Case Study: Patrick Mahomes’ Historic Deal
One of the most notable contracts in NFL history is Patrick Mahomes’ 10-year, $450 million extension with the Kansas City Chiefs. This deal, signed in 2020, was groundbreaking not only because of its size but because of the way it was structured. Unlike many modern contracts that focus on guaranteed money over shorter terms, Mahomes’ deal spreads out payments over a decade, ensuring long-term financial security for both the player and the team.
Mahomes’ contract was lauded for its flexibility, as it allowed the Chiefs to continue investing in other key players, keeping them competitive for future Super Bowl runs. However, with newer contracts like Burrow’s offering higher annual pay and more guarantees, Mahomes’ deal could be viewed as an outlier, rather than a trend.
The rise of NFL salaries over the years can be traced back to a combination of growing league revenues, media deals, and strategic player negotiations. As the NFL continues to expand its reach and generate more revenue, player contracts—especially those for quarterbacks—are likely to keep climbing. The highest-paid NFL players of today are redefining what it means to be a professional athlete, and the contracts we see in 2024 are just the latest example of this remarkable trend.