With his reported 5-year, $275 million contract extension, Jacksonville’s Trevor Lawrence tied Cincinnati’s Joe Burrow for the title of the highest-paid NFL quarterback with a $55 million AAV.
Burrow’s $275 million deal with the Bengals in the 11th hour before the 2023 season kickoff made him the fourth quarterback of the 2023 offseason to earn the title of the NFL highest-paid player.
Burrow’s five-year extension pays him $55 million per year, tied for the highest average annual salary for any player in the league, keeping him from free agency until 2030.
His deal followed five-year extensions signed in 2023 by the Philadelphia Eagles’ Jalen Hurts ($51 million AAV), Baltimore Ravens’ Lamar Jackson ($52 million AAV), and Los Angeles Chargers’ Justin Herbert ($52.5 million) that all held the short-lived titles of being the NFL’s highest-paid player.
Burrow follows a trend of NFL stars signing extensions before they hit the open market. While this can be particularly lucrative for franchise quarterbacks more than other positions, NFL player agent Blake Baratz told Front Office Sports in June that the league’s controversial franchise tag prevented players from reaching free agency.
“Getting to free agency in the NFL is the hardest thing to do. None of the good players get to free agency,” Baratz said. “Saquon Barkley can’t get there, Davante Adams never got there, Patrick Mahomes isn’t getting there. Josh Allen isn’t getting there. Justin Herbert’s not gonna get there, Joe Burrow’s not gonna get there. It’s hard to get to free agency when you have a mechanism to keep a player at a fraction of their value. Lamar Jackson was the unanimous MVP and couldn’t get there.”
Highest-Paid QBs for 2024
Here are the highest-paid quarterbacks by average annual value according to data compiled by Spotrac.
- Updated: June 14, 2024
- Will be updated again: June 30, 2024
| Rank | Player | Team | Compensation |
| T-1 | Joe Burrow | Cincinnati Bengals | $55 million |
| T-1 | Trevor Lawrence | Jacksonville Jaguars | $55 million |
| 3 | Jared Goff | Detroit Lions | $53 million |
| 4 | Justin Herbert | Los Angeles Chargers | $52.5 million |
| 5 | Lamar Jackson | Baltimore Ravens | $52 million |
| 6 | Jalen Hurts | Philadelphia Eagles | $51 million |
| 7 | Kyler Murray | Arizona Cardinals | $46.1 million |
| 8 | Deshaun Watson | Cleveland Browns | $46 million |
| T-9 | Patrick Mahomes | Kansas City Chiefs | $45 million |
| T-9 | Kirk Cousins | Atlanta Falcons | $45 million |
| 11 | Josh Allen | Buffalo Bills | $43 million |
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