If anyone follows the NFL regularly, they’ve probably noticed that quarterback salaries have absolutely exploded in recent years. In just seven years, the top of the quarterback pay scale has more than doubled, outpacing the league’s salary cap growth by a mile. We’ve gone from Matthew Stafford’s $27 million a year in 2017 to Dak Prescott’s staggering $60 million per year with the Cowboys. And this isn’t just a random increase—some specific moments and players’ve redefined what the best quarterbacks can command.
In this piece, we’ll dig into those game-changing deals that fueled the surge in quarterback salaries, from historic guarantees to jaw-dropping annual averages. So, buckle up as we explore how this wild, competitive market took shape.
2017: Matthew Stafford Starts the Trend
In 2017, Matthew Stafford signed a five-year, $135 million contract extension with the Detroit Lions, making him the NFL’s highest-paid player at an average of $27 million annually. Stafford’s deal was a turning point, putting top-tier quarterback salaries in the high $20 million range and setting the tone for future mega-contracts.
2018: Market Surge with Garoppolo, Cousins, and Ryan
The quarterback salary market exploded in 2018, with Jimmy Garoppolo, Kirk Cousins, and Matt Ryan each signing record-breaking contracts.
- Jimmy Garoppolo: Despite having only five starts with the 49ers, Garoppolo secured a five-year deal worth $137.5 million, averaging $27.5 million annually. This bold move by San Francisco highlighted the high value placed on potential franchise quarterbacks.
- Kirk Cousins: Cousins broke new ground with a fully guaranteed three-year, $84 million contract with the Minnesota Vikings, the first of its kind for an NFL veteran. The deal averaged $28 million annually and set a new standard for security, influencing future guaranteed contracts.
- Matt Ryan: Ryan became the first quarterback to break the $30 million-per-year threshold, signing a five-year, $150 million extension with the Atlanta Falcons. This substantial raise represented a 24.07% jump in the quarterback market, much higher than the 22.72% increase over the previous four years.
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2020: Patrick Mahomes Signs a Record-Setting Contract
In 2020, Patrick Mahomes reset the market with a historic 10-year, $450 million extension with the Kansas City Chiefs, with potential incentives increasing its value to $475 million. His $45 million average was a significant leap over the league’s next-highest-paid player at the time. Though Mahomes’ deal was designed to account for market changes with its extended length and incentive-laden structure, its backloaded payments allowed other quarterbacks to surpass him on a per-year basis in the short term.
2021: Deshaun Watson and Josh Allen Edge Higher
Mahomes’ monumental contract did not hold back the quarterback market, with Deshaun Watson and Josh Allen signing their own sizable deals shortly afterward.
- Deshaun Watson: Watson signed a four-year, $156 million extension with the Houston Texans, averaging $39 million annually. Though Watson’s average was only $50,000 more per year than Mahomes’ “new money” average, it kept the market moving upward.
- Josh Allen: Allen signed a six-year, $258 million extension with the Buffalo Bills in 2021, averaging $43 million per year and setting a new annual benchmark slightly above Mahomes. Both Watson and Allen demonstrated the continued upward pressure on quarterback salaries, even with Mahomes’ long-term deal in place.
2022: Aaron Rodgers Becomes the First $50 Million Player
In March 2022, Aaron Rodgers reached a new peak in quarterback pay, signing a deal with the Green Bay Packers worth $50.27 million annually. This three-year contract was largely a result of his tense negotiations with the Packers, stemming from their selection of his potential successor, Jordan Love, in the 2020 NFL Draft. The Packers’ commitment to retaining Rodgers made him the NFL’s first $50 million-per-year player and shifted expectations for future top-tier quarterback salaries.
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2023: A Year of “Musical Chairs” for the Top Salary Spot
2023 saw multiple quarterbacks surpass Mahomes’ contract, with several players taking turns as the league’s highest-paid player.
- Jalen Hurts: Hurts briefly held the title with a five-year, $255 million contract with the Philadelphia Eagles, averaging $51 million per year.
- Lamar Jackson: Just days later, Jackson signed a five-year, $260 million contract with the Baltimore Ravens, averaging $52 million annually.
- Justin Herbert and Joe Burrow: Herbert followed with a five-year, $262.5 million deal averaging $52.5 million per year, only to be overtaken shortly before the season by Joe Burrow, who secured a five-year, $275 million extension, averaging $55 million per year.
This period echoed the fast-moving market shifts of 2018 but with slightly smaller percentage increases. Still, the 9.41% jump in 2023 underscored the ongoing competition for the highest salary.
2024: Dak Prescott Becomes the First $60 Million Player
Dak Prescott hit the $60 million mark in 2024 due to the Dallas Cowboys’ challenges in managing his contract structure. Prescott previously signed a four-year, $160 million deal with a no-trade clause and no franchise-tag provision, giving him strong leverage over the Cowboys. After multiple restructures and “dummy years” added for cap purposes, Dallas faced significant dead-money consequences if they didn’t extend him further.
Prescott’s leverage led him to secure a record-breaking $60 million per year, with $231 million in total guarantees—the highest in NFL history. His deal exemplifies how strategic contract structures and market trends can allow players to capitalize on team needs.
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