Details On Joe Mixon’s Reworked Deal With Bengals

JULY 23: OverTheCap.com offers more clarity on Mixon’s pay cut. Essentially, the reworked deal can be viewed as a two-year, $11.5MM contract with $4.13MM guaranteed. Paul Dehner Jr. of The Athletic (subscription required) classifies the guaranteed money as a signing bonus, while OTC says it’s a roster bonus.

In either case, Mixon — who will also earn a veteran minimum $1.08MM base salary in 2023 — secured his place on the roster for the upcoming season. Dehner also confirms the original report that the former Pro Bowler can earn up to $2MM in incentives this year. However, while Dehner acknowledges that the restructure techincally allows the Bengals to retain Mixon in 2024, he does not believe that will happen unless Mixon turns in a “monster 2023.”

If Cincinnati were to cut Mixon next offseason, it would incur just $2.8MM in dead money.

JULY 15: Joe Mixon is staying in Cincinnati, but he had to take a significant pay cut to do so. We heard yesterday that the running back had restructured his contract to stick in Cincinnati, and we’re now getting details on what Mixon actually gave up.

[RELATED: Bengals, Joe Mixon Finalizing Restructure]

According to NFL Network’s Ian Rapoport (via Twitter), Mixon took a $4.39MM pay cut for the 2023 campaign and a $4.67M pay cut for the 2024 campaign. The running back’s base salary is now down to $5.51MM, and he can earn another $2MM via incentives in 2023. As Rapoport notes, this restructuring will also increase the chances of Mixon sticking around for the 2024 season.

Mixon was still playing on a four-year, $48MM deal he signed with the Bengals in 2020. The Bengals were fine carrying Mixon and his $11.42MM cap hit during the 2022 season, especially coming off a 2021 campaign where he had career-highs in rushes (292), rushing yards (1,205), and rushing touchdowns (13). However, with the organization facing pricey extensions for foundational pieces like Joe Burrow and Ja’Marr Chase, the front office had to get creative.

As a result, Mixon was already a common candidate to earn a pay cut this offseason. The veteran running back was set to earn $10.1MM in 2023 and was attached to a $12.79MM cap hit. The Bengals stood to save over $7MM by releasing him, and that number would have been bumped to $10MM if they did so as a post-June 1 cut. Instead, both sides decided to stick together and agree to a reworked deal.

Considering the plight of the current crop of free agent RBs (including Dalvin Cook and Ezekiel Elliott) and extension-seeking RBs (including Saquon Barkley and Josh Jacobs), it made sense for Mixon to secure his roster spot for (likely) the next two seasons. The 26-year-old didn’t have his strongest campaign in 2022, finishing with only 814 rushing yards and seven rushing touchdowns.

It also made sense for the Bengals to renegotiate a restructured deal vs. outright releasing the veteran. The team lost Samaje Perine this offseason, leaving little experienced depth behind Mixon. Behind the starter, the Bengals are eyeing depth pieces like fifth-round rookie Chase Brown, special teamer Trayveon Williams, and former sixth-round pick Chris Evans.

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