Kyler Murray contract: What's next for Cardinals QB after agent pulls initial extension offer from the table

The tension between Kyler Murray and the Cardinals may still be bubbling under the surface.

The relationship between the two parties became strained during the early stages of the 2022 NFL offseason when the 24-year-old quarterback scrubbed his social media of any Cardinals references. Many assumed that his actions meant he was unhappy with the team, and agent Erik Burkhardt seemed to confirm that in late February. He has since returned those posts to his feed. 

Burkhardt explained in a statement posted to social media that Murray wanted to remain with the Cardinals, but only if they provided "long term stability for both the organization and himself." In other words, he wanted a new contract with the team.

It makes sense that this would be on Murray's mind. He has two years left on his rookie deal — including the Cardinals' fifth-year option, which they will surely exercise to keep him — but he has played at a Pro Bowl level. As such, he wants a raise from the $5.5 million he's set to make in 2022, and given the burgeoning quarterback market, he can surely vouch that he is underpaid.

Even still, it doesn't look like the Cardinals are willing to pay him just yet. NFL Network's Tom Pelissero reported Thursday that Arizona has yet to offer Murray a new contract. As a result, Burkhardt has pulled his party's initial extension offer from the table. In other words, negotiation talks have stalled and the two sides are in a stalemate.

The #Cardinals have yet to make a contract offer to Pro Bowl QB Kyler Murray, whose agent, Erik Burkhardt, informed the team weeks ago he was pulling his opening proposal off the table, per sources.

Other teams are monitoring closely; Arizona insists Murray won’t be traded.

— Tom Pelissero (@TomPelissero) April 14, 2022

What does this mean for Murray and the Cardinals? Pelissero says that "it’d be a surprise" if Murray plays on his current contract. If Murray doesn't, that means he could either hold out from the Cardinals or request a trade away from the team, which Sports Illustrated's Albert Breer reports is a possibility.

Cardinals QB Kyler Murray and his camp have long viewed the draft as a deadline for a new contract—we talked about this back in March—because if they were going to ask for a trade, they'd wanna do it before then.

Putting the ball in AZ's court is the next step in that direction. https://t.co/AaT2FnSAMp

— Albert Breer (@AlbertBreer) April 14, 2022

Here are the latest details about Murray's contract value, what he could be looking for in a deal and what Arizona's options are with the disgruntled quarterback.

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Kyler Murray contract details

Murray is in the final year of the four-year, $35.6 million rookie contract he signed with the Cardinals after being the No. 1 overall pick in the 2019 NFL Draft. While his contract runs only four years, Arizona does hold a fifth-year option on Murray's deal that they are likely to exercise. So, in reality, he is under contract for two more seasons.

The two years remaining on Murray's contract are greatly different in structure and value. In 2022, he is set to make just under $5.5 million in cash while coming with a cap hit of just under $11.4 million. For his fifth-year option in 2023, Murray is set to make $29.7 million in cash while carrying an identical cap hit.

Below is the official breakdown of his deal, per Spotrac.com.

Why is Murray making just under $5.5 million in cash this season? It's because the signing bonus accounted for in his contract this season has already been paid to him; it was given to him when he first agreed to the deal as a rookie but was prorated over the four years on his contract to balance his yearly cap hit.

If Murray doesn't agree to a new contract with the Cardinals before the 2022 season, he will rank 26th among NFL quarterbacks in total cash while carrying only the 19th-highest cap hit among signal-callers, per Spotrac.com. And Murray can certainly make a case that he should be paid more given the quarterback extensions that have been signed during the 2022 offseason.

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Kyler Murray contract projection

The value of the NFL's quarterback market rose significantly during the 2022 NFL offseason. Only three players entered the 2022 NFL offseason as members of the $40 million average annual value (AAV) club. They were Patrick Mahomes ($45 million), Josh Allen ($43 million) and Dak Prescott ($40 million).

Now, there are seven members of that group. That includes one member of the $50 million AAV club, Aaron Rodgers, and the second-highest-paid quarterback in the NFL Deshaun Watson, who is making an average of $46 million over his fully-guaranteed $230 million contract. And Watson didn't even play in 2021.

Given those recent extensions, it would seem that Murray would be the next quarterback poised to join the $40 million AAV club. After all, he completed a career-high 69.2 percent of his passes last season and made his second consecutive Pro Bowl.

And when SN's Vinnie Iyer broke down Murray's projected contract in early March, he suggested that Murray could sign a four-year deal worth $168 million per season ($42 million AAV) with about $100 million to $110 million in guarantees. That value probably stands, though it could increase slightly based on the new $40 million-plus extensions for Rodgers, Watson, Derek Carr and Matthew Stafford.

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Kyler Murray trade rumors: Will Cardinals trade QB?

As Pelissero reported, the Cardinals have insisted that they won't trade Murray, so it doesn't seem that a trade is likely at this time. But could that change if he demands a trade or if Arizona doesn't believe that he deserves a contract paying $40 million annually? It's possible.

It's worth noting that the Cardinals have posted a 22-23-1 record in regular-season games that Murray has started. They have yet to win in the playoffs, and Murray (5-10, 207 pounds) has been banged up at times during each of his three pro seasons. So, if Arizona is worried about his durability, they may not be willing to pay him.

If the Cardinals either decide to trade Murray or are forced to do so, they should have plenty of suitors for his service. Below is a run-down of potential suitors for the dynamic, young quarterback.

Carolina Panthers

The Panthers represent a team that could put together a Godfather offer for Murray. Matt Rhule is on the hot seat after two sub-par seasons with Teddy Bridgewater and Sam Darnold as his primary starters at quarterback. However, Carolina hasn't been able to upgrade the position during free agency or on the trade market.

Murray would represent a strong option on the trade market and would prevent the Panthers from having to rely on a rookie like Kenny Pickett or Malik Willis to be their new quarterback. The Cardinals could receive a bounty of picks in exchange for Murray — likely including the No. 6 pick — and jumpstart a retool. They could also look at other veteran quarterbacks on the trade market like Baker Mayfield.

Pittsburgh Steelers

The Steelers signed Mitchell Trubisky during the offseason, but he won't be the only player the team adds at quarterback. Pittsburgh is expected to acquire competition for him at some point during the 2022 NFL Draft, but it could negate the need for drafting a passer all together by trading for Murray.

Mike Tomlin has said that he wants his next quarterback to be mobile, and Murray would fit the bill. He would instantly be able to pair with Diontae Johnson, Chase Claypool and Pat Freiermuth to create a quality offense in Pittsburgh, especially given that the team upgraded its offensive line during free agency. They could build an offer around the 20th overall pick but would have to sweeten the pot a bit to ward off some of the higher-end offers the Cardinals may receive from teams like the Panthers.

Atlanta Falcons

The Falcons missed out on Deshaun Watson, had to trade Matt Ryan and currently have Marcus Mariota and Feleipe Franks as the only quarterbacks on their roster. That's not ideal. Murray would be a nice quarterback of the future for a team that hasn't needed a quarterback since drafting Ryan in 2008.

Atlanta has the eighth pick in the 2022 NFL Draft and could build an enticing package for Murray surrounding that selection. They also are set to have $96 million in cap space in 2023, so they could easily afford to sign Murray to a long-term extension.

New Orleans Saints

The Saints are the third NFC South team to make this list. They don't have a sure thing at quarterback, as Jameis Winston, Andy Dalton and Ian Book are set to compete at the position. They have had success playing with a smaller quarterback in the past, Drew Brees, so the coaching staff would know how to best protect Murray and get him quality throwing lanes.

New Orleans has two top-20 picks in the 2022 NFL Draft, so it can build a deep, promising package to offer Murray. And if the Saints get him, they can focus on extending him while attempting to replace left tackle Terron Armstead and add a true No. 2 receiver to complete their offense.

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Miami Dolphins

The Dolphins are another potential suitor for Murray. They have Tua Tagovailoa at quarterback and while they have expressed confidence in him this offseason, they could consider adding the more explosive Murray to pair with Tyreek Hill.

Of course, the Dolphins may struggle to put together an enticing package for Murray, as they don't have a first-round pick this year because of the Jaylen Waddle and Hill trades. So, unless Arizona is comfortable waiting on picks, the Dolphins are far from a perfect pairing.