Two years ago, Tyreek Hill established a new ceiling for the wide receiver market after signing a contract that averaged $30 million annually. He responded to the challenge of becoming the highest-paid wide receiver by completing consecutive 1,700-yard seasons for the Miami Dolphins.
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However, as the NFL market constantly shifts, Justin Jefferson unseated Hill after signing a four-year, $140 million extension with the Minnesota Vikings. The $35 million annual average makes him the highest-paid non-quarterback player, edging Nick Bosa’s five-year, $170 million contract.
Thus, Hill sees Jefferson’s extension and the exploding wideout market as a good problem to have, as payouts moving forward will keep increasing. Jefferson’s contract could also serve as a starting point for Hill when negotiating a restructure with the Dolphins. When discussing the record-breaking extension, Hill recently said:
“Now that Justin Jefferson has created a whole new wave of $35 million, it’s like, ‘Yo, this is crazy, man.’ It’s fun to see the league continuing to grow and see the league put money into other positions.”
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Jefferson’s contract includes a $36.9 million signing bonus, part of a whopping $110 million in guaranteed money. He deserves that deal after establishing an NFL record of 98.3 receiving yards per game through his first four seasons. The former LSU standout even reached 1,000 yards despite missing seven games last year due to a hamstring injury.
However, the signing of arguably the league’s best wide receiver could be the climax of the surging price tag for top-level wideouts. Spotrac reveals that wide receivers signed seven of the top 21 contract extensions during the 2024 offseason.
In addition to Jefferson, Amon-Ra St. Brown (four years, $120 million), A.J. Brown (three years, $96 million), Jaylen Waddle (three years, $84.7 million), Devonta Smith (three years, $75 million), Nico Collins (three years, $72 million), and Michael Pittman Jr. (three years, $70 million) received lucrative contract extensions this offseason.
How Much Impact Will Jefferson’s Extension Have on the WR Market?
Jefferson’s $35 million annual average salary can be the basis for other All-Pro-level receivers still negotiating contract extensions with their respective teams. It’s also a powerful reference for front-office executives bargaining for cap-friendly contracts.
The three players that come to mind after Jefferson overtook Tyreek Hill as the league’s highest-paid wide receiver are CeeDee Lamb, Ja’Marr Chase, and Brandon Aiyuk. Lamb received a First-Team All-Pro selection last season after finishing with career-highs in receptions (135), receiving yards (1,749), and touchdowns (12).
Those numbers give his camp confidence to negotiate a similar deal to what Jefferson received. However, will the Dallas Cowboys put Lamb in the same regard as the 2022 Offensive Player of the Year? Arguably, Lamb will get an extension between Jefferson’s and Brown’s average salaries.
Meanwhile, Chase’s impending contract extension makes it difficult for the Cincinnati Bengals to retain him and Tee Higgins, considering that Chase will aspire for a market-resetting extension. The salary cap’s surge this season allowed the Bengals to offer the franchise tag to Higgins, keeping him for one more year. But after 2024, the Bengals will have some tough calls to make.
Last but not least, Brandon Aiyuk’s future remains uncertain after he and the San Francisco 49ers haven’t reached a deal. While both sides are still negotiating a contract, there’s a chance that Aiyuk won’t play for the Niners anymore if the hints he’s leaving online are to be taken seriously.
