Players selected in the first round of the National Football League (NFL) Draft have earned more money increasingly on their first contracts in each of the last 10 years. Because of the rookie wage scale, the position at which a player gets drafted directly impacts how much money they can earn during a four-year rookie contract. However, the rookie contract system is incredibly complex and allows players drafted outside of the first round to earn pay increases in the latter years of their rookie contract.
The Jacksonville Jaguars selected former Clemson University quarterback Trevor Lawrence first overall in the 2021 NFL Draft and subsequently signed him to a four-year, fully guaranteed rookie contract worth $36.8 million. Lawrence received $24.1 million in signing bonuses and carried a salary cap of $6.7 million for the 2021 season. The first overall pick in the 2019 NFL Draft, Kyler Murray signed a rookie contract worth $35 million. Baker Mayfield, selected first overall by the Cleveland Browns in 2018, signed for $32.6 million. Cam Newton signed for $22 million in 2011.
In contrast, the top seven picks in the 2021 NFL Draft signed for more than $22 million. Second overall pick Zach Wilson signed with the New York Jets for $35.2 million, including $22.9 million in signing bonuses. Quarterback Trey Lance (No. 3), tight end Kyle Pitts (No. 4), and wide receiver Ja’Marr Chase (No. 5) all signed contracts worth at least $30 million. Outside linebacker Joe Tryon, the last pick in the first round signed an $11.2 million contract with the Tampa Bay Buccaneers.
While this might seem like a substantial amount, former first-round pick Byron Jones offered critical advice to players selected in the 2020 NFL Draft. Jones warned players not to overspend on lavish luxuries as they’ll pay between 40 and 50 percent of their first contract on taxes, union dues, retirement accounts, insurance, and agent fees. Jones also noted that some contracts are not guaranteed.
The only money players are guaranteed that aren’t drafted in the first round is their signing bonus. For instance, a player drafted in rounds 2-7 could have been cut from their team not long after signing but would have still been owed his signing bonus. However, he wouldn’t receive the additional money owed in annual salary.
NFL teams might be more willing to be patient with higher round picks given their pedigree and the amount of money they have invested, but players drafted in rounds two through seven need to perform well to earn a substantial raise on their next contract. As of 2020, players selected between the fourth and seventh rounds earned base salaries of less than $1 million through a four-year rookie contract.
Although players are locked into four-year contracts after being drafted, they can renegotiate their contracts following their third season. Conversely, teams can also exercise a fifth-year option on the player’s contract, but their salary is no longer tied to the draft position. If the player has earned multiple Pro Bowl selections, they will be paid a base salary at an average of the five highest annual salaries for their respective position.
Players can also receive a fifth-year salary boost if they earned one Pro Bowl selection, participated in at least 75 percent of offensive or defensive snaps in two of their first three seasons, or averaged at least 50 percent of snaps across all three seasons.
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