By now, you’ve gotten the news—Justin Jefferson is staying with the Minnesota Vikings, landing a well-deserved four-year, $140 million extension ($110 million guaranteed) that raises the bar not just for receivers, but all nonquarterbacks. And among the biggest winners are the Philadelphia Eagles, Miami Dolphins, Detroit Lions and Houston Texans, who already did deals for DeVonta Smith, Jaylen Waddle, Amon-Ra St. Brown and Nico Collins this offseason.
But before we get there, let’s dive in on what this means for Minnesota. First, it’s a good sign of the team taking advantage of the new window it’s in, with Kirk Cousins gone and the team having just drafted a quarterback in the first round. The Vikings are swallowing $28.5 million in dead cap for Cousins this year, and nearly $15 million for Danielle Hunter, but having J.J. McCarthy on a rookie deal gives Minnesota financial flexibility.
Using that flexibility to take care of your own, and creating the best environment for McCarthy, is just smart business. And this contract allows for Jefferson to do another big deal before his 30th birthday—and maybe well before it—which means he’ll maximize his earning potential as an NFL player. A side benefit: He sure did his former teammate Ja’Marr Chase a favor, too.
Which is why the other teams doing receiver deals this offseason were smart to do them early.
Waddle’s deal reflects it.The Dolphins’ star scored a three-year, $84.75 million extension—landing it two years before the expiration of his rookie deal (after Miami picked up his fifth-year option). The contract runs through 2028, with the first two years fully guaranteed, and the third and fourth years carrying heavy guarantees that vest a year early.
So he’ll almost certainly get the $77.319 million he’s due over the next four years, with 2028 a de facto team option. That’s good for Waddle because he was due $19.94 million for the next two years, which means this gives him more than $57 million for adding two years to his contract. It’s good for the Dolphins, too, because they get to manage those numbers at less than $20 million per for the next four years. The $26.374 million Waddle is due in ’28 (he’ll turn 30 that November) will probably be a bargain by the time we get there.
That said, the cash flow isn’t close to what Jefferson is getting. Nor is what St. Brown got in Detroit ($87.37 over the next four years), Collins got in Houston ($75.86 million over four years), or what Smith ($70 million over the next four years) or even A.J. Brown ($80 over the next three years) received in Philly. It’s fair to say that those negotiations would’ve been framed differently if the Jefferson deal was done.
So good on the Vikings for taking care of Jefferson, and good on the Lions, Dolphins and Eagles for getting ahead of the market. And good luck to the San Francisco 49ers with Brandon Aiyuk and the Dallas Cowboys with CeeDee Lamb.
