The Tampa Bay Buccaneers and Baker Mayfield finally agreed on a contract extension, and it’s a three-year, $165 million deal that averages out to $55 million per year. The deal honestly hits the sweet spot when it comes to Mayfield’s place among other top quarterback contracts.

Per Spotrac, he only trails Dak Prescott and Patrick Mahomes in new money, and he’s tied with Joe Burrow, Josh Allen, Trevor Lawrence, Matthew Stafford, and Jordan Love when it comes to the $55 million APY.

Per ESPN’s Dan Graziano, Mayfield was given $110 million in new guarantees on top of the $40 million he’s set to earn in 2026, which brings his total up to $150 million in guaranteed money.

The numbers back up the price tag

When one steps back and looks at the overall numbers, the deal might seem a little inflated on Mayfield’s side, but not really when you break it all down.

Baker Mayfield is second in passing touchdowns since 2023 with 95. He’s third in passing yards (12,237) and he’s 12th in QB rating (97.4). He also has more playoff wins than Joe Burrow and Trevor Lawrence in that span, while tying with Jordan Love. It’s a deal that lands right in the middle when it comes to both stats and postseason accolades, and it keeps Mayfield in town through the 2029 season.

That tells me Tampa Bay looked at the full picture and recognized what Mayfield has done over the last three seasons. He’s been one of the most productive quarterbacks in football, and the Buccaneers locked him in at a number that reflects it without overpaying relative to the market.

The cap implications are a win for Tampa Bay

The deal won’t kick in until 2027, and the best part about that is the Buccaneers can now avoid a $30 million dead cap hit that would have hit the books in Feb. 2027 if a new deal wasn’t reached by a contract trigger deadline. That’s massive for a team trying to maintain flexibility under the salary cap while keeping its franchise quarterback in place.

So chalk this up as an overall victory for both sides. Mayfield gets the long-term security and market-rate compensation he earned, and Tampa Bay gets to keep its quarterback while sidestepping a brutal dead cap situation. It makes sense for everyone involved.

What does this mean for Mayfield and the Bucs going forward?

This is the kind of deal that should not only keep the fire burning in Mayfield but motivate him even more to prove he’s worth every penny of this contract in 2026 and beyond. He’s been on a mission since arriving in Tampa Bay, and now he has the long-term commitment to match.

The Buccaneers also got out in front of some potential big-time extensions, next year. Not only are C.J. Stroud and Bryce Young up for new deals, but Drake Maye, Jayden Daniels, Caleb Williams, and Bo Nix will be, as well. Their potential deals are very likely to surpass the $55 million per year mark, so the Bucs saved a lot of cash by getting the deal done now.

Either way, the Buccaneers have their guy locked in through the end of the decade. Now it’s about surrounding him with the right pieces and making sure the roster is built to compete for the duration of this extension.