NFL Teams Drop More Than $1 Billion in a Weekend Spending Frenzy

It was a billion-dollar weekend for the NFL.

NFL teams combined to hand out more than $1 billion worth of contracts this weekend, highlighted by the six-year, $330 million deal the Bills gave quarterback Josh Allen, the second-largest total contract in NFL history behind Patrick Mahomes’s (10 years, $450 million) with the Chiefs. 

Two other players agreed to nine-figure contracts: Myles Garrett (four years, $160 million) and DK Metcalf (five years, $150 million after a trade from the Seahawks to the Steelers).

In total, NFL teams spent $1.12 billion on 16 players this weekend, according to data from Over The Cap.

However, the spending spree is far from over. The NFL’s free agency doesn’t officially start until Wednesday, and teams are actually only permitted to begin negotiations with impending free agents Monday.

There are a few more players who are still in line for new contracts, including Bengals wide receiver Ja’Marr Chase and Cowboys edge rusher Micah Parsons, both of whom could challenge Garrett for the crown of highest-paid non-QB in the NFL.

Bills, Bills, Bills

The deal between the Bills and Allen comes with $250 million guaranteed, the largest guarantee given in NFL history. According to ESPN, the previous high was given to Deshaun Watson, who received $230 million in guaranteed money from the Browns.

Another quarterback, the Cowboys’ Dak Prescott, holds the record for highest average annual value (AAV) at $60 million per year after signing a four-year, $240 million contract last year. Allen’s $55 million AAV is tied for second with Trevor Lawrence, Joe Burrow, and Jordan Love.

Allen, the 2024 league MVP, was just 14th among quarterbacks in AAV before this new deal. His previous AAV was $43 million after he agreed to a six-year, $258 million extension in 2021.

Allen’s massive deal highlights the Buffalo’s big offseason spending which has totaled more than $500 million. Other than Allen, they handed out four-year extensions in the eight-figures to three other players: Defensive end Gregory Rousseau ($80 million), wide receiver Khalil Shakir ($53 million), and linebacker Terrell Bernard ($50 million).

The on-field spending is on top of a new Highmark Stadium the team is scheduled to open by 2026. The stadium was originally projected to cost $1.4 billion with $850 million in public funding. But cost forecasts were already more than $2.1 billion by the end of 2024—and the team is seeking an exception to NFL debt limits to borrow $650 million, according to Sports Business Journal.