Baker Mayfield agrees to a new deal with the Buccaneers before free agency

Baker Mayfield isn't hitting free agency after all. Hours before the legal negotiation period begins on Monday, the former first overall pick agreed to a new contract with the Tampa Bay Buccaneers. The news was first reported by Ian Rapoport, from NFL Network. Baker Mayfield got a three-year, $100 million contract that can go up […]

Wendell Ferreira — NFL News Writer

Mar 10, 2024 5:20 PM EDT

Sources: The #Bucs are closing in on a deal with QB Baker Mayfield, helping Tampa Bay become home for their starter. He gets a 3-year deal worth $100M with $50M guaranteed.

The Bucs continue to work on keep their core. pic.twitter.com/Ir28N6cDt1
— Ian Rapoport (@RapSheet) March 10, 2024

Baker Mayfield got a three-year, $100 million contract that can go up to $115 million with incentives. It has $50 million guaranteed, with a $33.3 million yearly average. It's a similar structure to the one the Seattle Seahawks gave Geno Smith last offseason, but with a natural inflation from the quarterback market. And it's still less than what the New York Giants gave to Daniel Jones.

According to Adam Schefter, from ESPN, Mayfield will make $30 million in 2024, and that part of the deal is fully guaranteed. The quarterback is slated to make $30 million in 2025, with $20 million in guarantees. The third year is basically a team option of $40 million, with no guarantees left. The quarterback can make $5 million more per season via incentives.

Baker Mayfield’s deal with the Buccaneers:

2024: $30 million
2025: $30 million, including $20 million guaranteed
2026: $40 million

$5 million per year in incentives

$100 million total, with incentives a max value of $115 million. https://t.co/EiPSqo9huE
— Adam Schefter (@AdamSchefter) March 10, 2024

The Buccaneers are the fourth team in Mayfield's career. The former first overall pick by the Cleveland Browns in 2018 spent four seasons with his original team.

In 2022, he was traded to the Carolina Panthers for a fifth-round pick. However, he got released during the season and was claimed off waivers by the Los Angeles Rams.

Last offseason, hitting free agency for the first time, he signed a one-year, $4 million contract with Tampa. Initially, he competed with Kyle Trask for the starting job. But he played well enough to lead the Bucs to the playoffs, making the Pro Bowl as an alternate. Now, it gives him a decent mid-level extension.