Love’s Contract Extension: A Bargain for the Packers?
Introduction:
Under the NFL’s collective bargaining agreement, NFL players cannot sign a new contract extension until 12 months after their last one. Green Bay Packers quarterback Jordan Love recently signed a one-year extension on May 3, 2023, instead of the team exercising his fifth-year option. While this extension guaranteed Love $13 million, it raised questions about what his future contract might look like and where he would rank among quarterbacks’ average annual salaries.
Love’s Potential Value:
Based on Love’s performance last season and his potential for growth, some argue that he deserves to be among the top five highest-paid quarterbacks in the league. Currently ranked 20th with an annual salary of $13.5 million, Love has the opportunity to secure a lucrative deal that could benefit the Packers in the long run. However, negotiations for his new contract may take some time.
Love’s Projected Deal:
According to Michael Ginnitti, the founder of Spotrac, a four-year extension worth $144 million ($36 million per year) could be a realistic estimate for Love’s new contract. This projection takes into account comparable contracts for quarterbacks such as Geno Smith, Daniel Jones, Justin Herbert, and Joe Burrow. However, it is unlikely that Love will sign a contract worth $20 million per year less than the top quarterbacks in the league.
Factors Influencing the Contract:
Several factors could impact the negotiation process and the final terms of Love’s contract. One significant factor is the increase in the league’s salary cap, which could lead to higher salary expectations for players. Additionally, Love has already played under a “bridge deal,” which means he might consider playing out the 2024 season under his current contract and exploring high-priced franchise tag or free agency options afterward.
The Packers’ Perspective:
The Packers won’t want to risk Love playing out his contract year without long-term security. While they didn’t meet wide receiver Davante Adams’ contract demands, they understand the importance of securing a potential franchise quarterback. The team has already invested in young wideouts to replace Adams, emphasizing the difficulty of finding a quarterback with Love’s potential. Signing him to a contract extension this offseason seems to be the most amicable solution.
The Price of Doing Business:
Though Love’s performance has been limited, rewarding promising young quarterbacks with top contracts has become the norm in the NFL. While it may seem extravagant to pay him a top-five average annual value contract based on half a season, it reflects the competitive market for quarterbacks. The Packers hope that their gamble on Love will pay off and potentially even look like a bargain in the future.
Adjusted Projection:
Taking into account factors such as Aaron Jones’ contract and Love’s potential for growth, an adjusted projection suggests a four-year, $200 million extension for Love. This includes a total value of $211 million, with $151.5 million practically guaranteed over the next three or three and a half seasons. This projection assumes that Love will surpass Jones’ performance and compares favorably to Herbert’s contract.
Conclusion:
While negotiations for Jordan Love’s contract extension may take time, it is clear that his potential value as a franchise quarterback could lead to a significant payday. The Packers understand the importance of securing their future quarterback and will likely offer him a lucrative deal. However, the final terms of the contract will depend on various factors such as the salary cap increase and Love’s development over the next few seasons. Ultimately, both parties aim to reach an agreement that benefits them in the long run.