The Minnesota Vikings are determined to get a contract extension done with wide receiver Justin Jefferson this offseason. While they are working on making it happen, other teams in the National Football League are signing their wide receivers to extensions.
Earlier this week, the Houston Texans signed Nico Collins to and extension and on Thursday morning, the Miami Dolphins did the same with Jaylen Waddle. The one common thread? Both signed three-year extensions.
It's a trend that has spiked since the 2022 offseason. We are seeing the salary cap spike in historic fashion including this past offseason where it rose $30.4 million. That element is a major factor in a Jefferson extension.
Potential Justin Jefferson 3 year extension
If Jefferson were to sign a three-year extension, there would be a lot of money involved. The Vikings would also guarantee a higher percentage of the contract in a three-year deal than they would in a four or five-year deal.
Waddle just got $56 million of his $84.5 million guaranteed, which is a whopping 66% of his contract. That number has been reported as $76 million, but of the new money he received, only $56 million is guaranteed, as there was still $20 million guaranteed of his rookie contract.
Of all the receivers that have gotten extended recently, both Waddle and A.J. Brown ($51 million guaranteed) are the comps to use. However, with a player like Jefferson, there really isn't a great comp for a player like Jefferson.
If Jefferson were to sign a three-year contract (which I expect to happen), it's going to be record-setting. Three years, $105 million with $90 million functionally guaranteed and $70 million fully guaranteed at signing is about right.
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