Cowboys brass has been criticized for waiting too long to pull the trigger on extensions for some of their star players, which has caused them to pay top-of-the-market prices when those extensions finally come to fruition. Owner Jerry Jones and executive vice president Stephen Jones faced the same criticism in the aftermath of the recent mega-deal they authorized for wide receiver CeeDee Lamb.
If the Cowboys had extended Lamb last year, they may not have had to go to the same lengths ($34MM per year, $67MM in practical guarantees) to secure his services for the foreseeable future. Of course, it takes two to tango, and Stephen Jones recently told Albert Breer of SI.com that Lamb simply was not going to sign a new contract in 2023, when he was first eligible for one.
Indeed, it was reported last July that Dallas was hoping to hammer out an extension for Lamb prior to the start of the 2023 season. At the time, Tyreek Hill‘s contract with the Dolphins was the only WR pact that featured an average annual value of at least $30MM, though that deal was famously bloated by a non-guaranteed salary in its final year that pushed the AAV to the $30MM mark. Even if Lamb was able to secure a more “genuine” $30MM/year accord back then, he chose to bet on himself while allowing the rising tide of the receiver market to continue lifting his boat.
Not only did Lamb turn in the finest season of his young career in 2023 — he posted a 135/1,749/12 slash en route to First Team All-Pro honors — he watched as fellow wideouts Amon-Ra St. Brown, A.J. Brown, and Justin Jefferson further expanded the upper reaches of the contractual landscape for wide receivers (a few weeks before Lamb put pen to paper, Hill also agreed to a restructure that landed him the most guaranteed money added to a contract without new years also being added).
Lamb is now second only to Jefferson in terms of AAV and guaranteed money. Mike Florio of Pro Football Talk lays out the full details of the Lamb contract, noting that it is a clean, simple deal that does not include any of the “funny money” that artificially inflated the value of Hill’s original contract.
As was previously reported, Lamb will net a $38MM signing bonus, and his $1.15MM base salary for 2024 and $26.85MM base salary for 2025 are both fully-guaranteed at signing, as are his $1MM in per-game roster bonuses for 2025 (though those bonuses must be earned). Lamb’s $25MM base salary for 2026 is presently guaranteed for injury but will become fully-guaranteed in March 2025, and $7MM of his $28MM base salary for 2027 is currently guaranteed for injury; that figure will become fully-guaranteed in March 2026.
Aaron Wilson of KPRC2 details Lamb’s salary cap hits in each year of his contract. He will count just $8.75MM against the cap in 2024, but that number will jump to $35.35MM in 2025.
I guess when you aren’t going to win anything, maximizing money matters.
Wonder who will be throwing him passes after this season?
Compare to Aiyuk’s contract. You’re going to have to restructure next year regardless so you might as well as use the option bonus right away for 2025 and 2026. It’ll save you work but you might not necessarily want to lock in the amount and commit to void years right away.
A full option bonus in 25 and 26 would have reduced the cap hits those years to about 14M and 19M.