Josh Allen is getting a serious pay raise.
The Bills' starting quarterback is set to make $3.5 million in 2021 and another $23 million in 2022. But on Friday, it was announced that he had signed an extension with the Bills that will keep him in Buffalo through the 2028 season and pay him an average of $43 million per year, ESPN's Adam Schefter reported.
Josh Allen’s new deal now will average $43 million a year.
— Adam Schefter (@AdamSchefter) August 6, 2021
QBs next up for new deals - Lamar Jackson, Baker Mayfield - have to be quite happy. https://t.co/k3cU3H3e9C
Allen enjoyed a breakout campaign in 2020 where he led the Bills to the postseason and a 13-3 record. He completed 396 of 572 passes with 4,544 passing yards, 37 touchdowns and just 10 interceptions. He also made an impact with his legs, scoring eight touchdowns on the ground with 421 rushing yards on 102 carries. After the Bills won the AFC East, they picked up wins in the wild card round and divisional playoffs before falling to the Chiefs in the AFC Championship Game.
Here's all you need to know about Allen's contract.
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Josh Allen contract details
Allen could earn up to $258 million over the length of the six-year extension, which officially comes into effect in 2023. In signing the deal, Allen will be taking home a bonus of $16.5 million that will be spread out through 2025.
Below is the breakdown of how much Allen will make each year of his deal, including the base salary, roster bonus and workout bonus.
| Year | Total cash | Base salary | Roster bonus | Workout bonus |
|---|---|---|---|---|
| 2023 | $28 million | $27.5 million | N/A | $500,000 |
| 2024 | $30 million | $23.5 million | $6 million | $500,000 |
| 2025 | $39.5 million | $14 million | $25 million | $500,000 |
| 2026 | $38.5 million | $22.5 million | $15 million | $1 million |
| 2027 | $40 million | $14 million | $25 million | $1 million |
| 2028 | $41.55 million | $15.55 million | $25 million | $1 million |
Over the length of Allen's contract, most of his money will be paid out through roster bonuses in the later years, which is just to say that as long as he's on the active roster, he will take home that money.
The cap hit the Bills will face over the length of his deal will peak in the middle of his extension in 2025, when it hits $51.28 million before it starts to go back down toward the $40 million mark.
Below is a breakdown of Allen's cap hit in each year of the contract.
| Year | Allen cap hit |
|---|---|
| 2023 | $39.78 million |
| 2024 | $41.78 million |
| 2025 | $51.28 million |
| 2026 | $46.98 million |
| 2027 | $40 million |
| 2028 | $41.55 million |
Allen can add to his already sizeable paychecks with a number of incentives. He could earn up to $30 million in various incentives in his deal, ranging from winning the AFC Championship, Super Bowl and winning MVP.
Josh Allen guaranteed money
A considerable portion of Allen's contract extension is guaranteed for the star quarterback. He will receive $150 million guaranteed out of his $258 million deal, which Spotrac reported is the most all-time by about $9 million. In addition, the deal will make Allen the second-highest paid player by average in the history of the sport, trailing just Patrick Mahomes.
Of that $150 million, $100 million is guaranteed at signing, according to Spotrac.
Josh Allen’s 6 year $258M extension w/ the #Bills makes him the 2nd highest average paid player in #NFL history.
— Spotrac (@spotrac) August 6, 2021
His reported $150M guaranteed is the most all-time by nearly $9M.
It’s the largest #Bills contract by $161M (Dareus, $96.5M).
Allen will continue to add up guaranteed money each year, taking in $10 million of his 2024 salary more in 2022, $13.5 million in 2023 and $10.5 million in 2024, all coming on the fifth league day of the year. By 2024, he'll have earned $162.5 million from rolling guarantees and by 2026, it will be up to $239 million.
