The numbers are out on Aaron Rodgers' new contract with the Packers and, spoiler alert, it's a lot of money.
Rodgers is set to make $150.8 million over the next three seasons with the restructure of his 2022 deal and the new contract beginning in 2023, according to multiple reports. Of that total, $101,515,000 is guaranteed at signing, per Spotrac.
On Tuesday afternoon, the Packers officially announced the contract extension.
"We are very pleased to be able to come to an agreement with Aaron that keeps him in Green Bay," Packers general manager Brian Gutekunst said in a statement. "His play on the field and leadership in our locker room remain vital in our pursuit of another Super Bowl title. The agreement also allows us to maintain and enhance what we feel is already a very competitive roster."
It had previously been reported that Rodgers' contract would make him the highest-paid player per year in NFL history, and while Rodgers disputed the figures that had been reported, they weren't too far off from what he signed.
Packers QB Aaron Rodgers' deal ...
— Albert Breer (@AlbertBreer) March 15, 2022
'22: $1.15M base, $40.8M roster bonus.
'23: $59.465M base.
'24: $49.25M base.
'25: $15.85M base, $5M option bonus.
'26: $10M base, $5M option bonus.
• '22-'23: fully guaranteed.
• '22-'24: injury guaranteed.
• Options due 4/15/25, 4/15/26.
The original reporting when Rodgers said he would remain with the Packers had been that he would make $200 million over four years, while instead, he will make $150.8 million over three years with a pair of options tacked on at the end.
Rodgers is coming off a season in which he was named NFL MVP for the second year in a row. In his age 37 season, he completed 68.9 percent of his passes for 4,115 yards with 37 touchdowns and only four interceptions, while leading Green Bay to the top seed in the NFC.
MORE: Why Davante Adams reportedly won't play unless Packers sign him to a contract extension
Here's a look at the deal that will keep Rodgers in Green Bay:
Aaron Rodgers contract details
Rodgers is, indeed, going to be highly paid. While he was originally set to make only $27 million in 2022, according to NFL Network's Mike Garafolo, he will now make $42 million. Then, in 2023, Rodgers will earn $59.5 million, per Garafolo.
Aaron Rodgers was on the books for ~$27 million this season. That got bumped up to $42 million. He gets $59.5 million next season.
— Mike Garafolo (@MikeGarafolo) March 15, 2022
So the added $15 million in 2002 plus the $59.5 million in 2023 is how @RapSheet comes up with $74.5 million in the "first new year." Big number. https://t.co/5LFJoTg6vJ
Monday Morning Quarterback's Albert Breer reported that in 2022, Rodgers' base salary will be only $1.15 million, while $40.8 million will be in the form of a roster bonus that acts as a signing bonus. His base salary will be $59.465 million in 2023 and $49.25 million in 2024, before dipping to $15.85 million in 2025 and $10 million in 2026 with $5 million option bonuses in both years.
Here is how his contract will play out over the next five seasons, according to Spotrac. The site reported that the last two years of his contract are "dummy" option years.
| Year | Total cash | Base salary | Roster bonus | Cap hit |
|---|---|---|---|---|
| 2022 | $42,000,000 | $1,150,000 | N/A | $28,533,569 |
| 2023 | $59,515,000 | $1,165,000 | N/A | $31,623,568 |
| 2024 | $49,300,000 | $8,160,000 | N/A | $40,701,666 |
| 2025 | $20,900,000 | $8,160,000 | $5,000,000 | $59,301,666 |
| 2026 | $15,050,000 | $8,160,000 | $5,000,000 | $53,451,666 |
MORE: NFL free agency tracker
Aaron Rodgers and the Packers' salary cap
While he's going to be receiving a big paycheck, it won't be hurting the Packers too much with the salary cap. Garafolo reported that the cap hit will go down more than $18 million in 2022 before going up by $7.7 million on what would have been a voidable year in 2023. The big hit will be in 2024, when Rodgers' deal will be $40.7 million against the cap.
Aaron Rodgers' cap numbers the next three years for the #Packers:
— Mike Garafolo (@MikeGarafolo) March 15, 2022
2022: $28.5 million (down from $46.7 million)
2023: $31.6 million (up from $7.7 million on a previously voidable year)
2024: $40.7 million
That cap hit could be even worse if he decides to retire or leave Green Bay. Should he decide that 2023 is his last season in Wisconsin, the Packers would have a $68.205 million dead cap hit in 2024, according to NFL Network's Tom Pelissero.
The tradeoff for cap savings now: If Aaron Rodgers retires or the #Packers move on after the 2023 season, they would have a $68.205 million dead cap hit on the books in 2024. https://t.co/su8MOA6evy
— Tom Pelissero (@TomPelissero) March 15, 2022
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The relief in cap space on 2022 will be a major boon for the Packers, who Spotrac has currently as $20.9 million over the cap. The extra cap space could help them extend wide receiver Davante Adams, who has reportedly stated he will not play under a franchise tag in 2022.
NFL's highest-paid quarterbacks
Rodgers' contract immediately vaults him up to the top of the list of the highest paid quarterbacks in 2022.
While his contract is only the fifth-most lucrative over its full course, Rodgers' average annual value now exceeds Patrick Mahomes as the most in the league.
| Rank | Quarterback | Average annual value |
|---|---|---|
| 1 | Aaron Rodgers | $50.3 million |
| 2 | Patrick Mahomes | $45 million |
| 3 | Josh Allen | $43 million |
| 4 | Dak Prescott | $40 million |
| 5 | Deshaun Watson | $39 million |
MORE: NFL's 25 highest-paid players for the 2022 NFL season
The guaranteed money on his deal also surpasses Josh Allen as the most ever given to a quarterback with his $150.6 million topping Allen's $150 million guaranteed.
By the time the deal is over, Rodgers is projected to have earned more than $450 million in his NFL career, according to Spotrac. He has already made $263.6 million to this point.
