Caleb Williams has starred on the college football stage for the last two seasons under center at USC. He won the 2022 Heisman Trophy as a sophomore, throwing for over 4,500 yards and 42 touchdowns. He added over 3,600 passing yards this past season, improving his completion percentage from 66.6 percent to 68.6 percent.
Now, the star quarterback is expected to be selected No. 1 overall in the NFL Draft. Whether that pick is by the Chicago Bears or another trade suitor remains to be seen.
The jump to the NFL would be the next step in his development, but it would also open the gate to more potential earnings with an NFL salary in place.
That being said, Williams has already cashed in quite a bit of money due to the name, image, and likeness rules that were established in 2021.
Will he make more money via NIL deals or through his first NFL contract? Let's break it down.
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How much does Caleb Williams make through NIL deals?
Williams has been under the spotlight at USC for the past two seasons after transferring from Oklahoma ahead of his sophomore season.
As his stardom grew, companies took notice. Dr. Pepper, Wendy's, Beats by Dre, and Playstation all signed deals with the former USC quarterback.
In total, Williams is reported to have made about $10 million in NIL deals and endorsements over the past two seasons, Kalyn Kahler of The Athletic reported.
NFLPA executive director Lloyd Howell mentioned how unique the circumstances are for collegiate athletes now as compared to "even five years ago."
“Today’s athlete coming out of college is in a completely different economic profile than even five years ago,” Howell said. “So, how and in what manner they negotiate and how they think about the opportunities is going to be different. ... what someone’s requesting, it’s a different request than what you would have heard years ago.”
Williams will not enter the NFL with an agent, citing that he's been prepared through college. He already has a financial team that handled all his NIL deals, which will likely take care of the NFL contract and future endorsements.
How much money will Caleb Williams make on his rookie contract?
Williams is projected to be the No. 1 overall pick, whether it's by the Bears, who currently own the pick, or another team that trades up for it.
If that's the case, he'll enter the NFL with the largest rookie contract among his class. NFL rookies have increased salary depending on where they are selected.
The No. 1 pick for the 2024 NFL Draft is expected to sign a four-year, $38.5-million contract with a fifth-year team option, according to Spotrac. The top selection would have about a $800,000-$900,000 salary and an additional $24.8 million signing bonus.
If Williams shockingly went No. 2, he would lose about $1-2 million on his total contract.
However, with the expectation that he'll go first, Williams is set to almost triple his NIL earnings with just his first-year salary and signing bonus. That will change considerably in Year 2, when his salary will be around $1 million and his roster bonus will likely net him around $2.5-3 million. Of course, that doesn't include the additional endorsement deals that he already has and will likely add to.
Williams is leaving USC with a nice chunk of change in his pocket, but those pockets will need a lot more space with his NFL contract and more endorsements on the way.
