A week after trading Aaron Rodgers, the Green Bay Packers solved their next quarterback dilemma.
Green Bay had until Tuesday to exercise Jordan Love’s fifth-year option for 2024. Instead, they worked out an extension with the new starter.
Per ESPN’s Adam Schefter, the Packers signed Love for a one-year deal that will pay him up to $22.5 million in 2024, with $13.5 million fully guaranteed. Love sacrifices guaranteed earnings by taking the contract as opposed to the option, assuming Green Bay would have deployed it, but he could enhance his total payout.
“With Packers wanting to give Love a two-year run to start but the fifth-year option year of $20.27M steep for a player without much experience, GB now rewards Love while spreading the cap over two years,” ESPN’s Jeremy Fowler explained.
With Packers wanting to give Love a two-year run to start but the fifth-year option year of $20.27M steep for a player without much experience, GB now rewards Love while spreading the cap over two years. https://t.co/sr59oPsa5C
— Jeremy Fowler (@JFowlerESPN) May 2, 2023
“Perfect compromise,” Pack-A-Day podcast’s Andy Herman claimed.
This was literally the exact scenario I discussed yesterday on the Love podcast. Was there a way to get him less guaranteed from the Packers side of things but the potential to make more on incentives from Love’s side of things? Perfect compromise. https://t.co/SyEJlFsMsK
— Andy Herman (@AndyHermanNFL) May 2, 2023
“Smart for both sides,” Packer Report’s Jacob Morley said.
Smart for both sides. https://t.co/8TPDA7Elto
— Jacob Morley (@JacobMorley) May 2, 2023
“Surprised Love would take this,” ESPN’s Bill Barnwell wrote. “The fifth-year option was $20.3 million. Love took $6.8 million less in guarantees for the upside of earning $2.2 million more. I guess the Packers could have declined that fifth-year option, but seemed pretty unlikely after the Rodgers trade.”
Surprised Love would take this. The fifth-year option was $20.3 million. Love took $6.8 million less in guarantees for the upside of earning $2.2 million more.
I guess the Packers could have declined that fifth-year option, but seemed pretty unlikely after the Rodgers trade. https://t.co/GfFaLyq5Ry
— Bill Barnwell (@billbarnwell) May 2, 2023
Even with the mitigated guaranteed amount, it’s a lofty investment for someone receiving his first extended opportunity.
Love has started just one game and attempted 83 passes in three NFL seasons. However, the 2020 first-round pick could have netted a far larger payday if he succeeded this season without a deal in line for 2024.
The New York Giants declined Daniel Jones’ fifth-year option last offseason, and they’ll now pay him $46 million instead of $22.4 million. Fear of a similar scenario unfolding in Green Bay likely would have led the Packers to accept the option if not reaching a compromise with Love.
After sitting behind Rodgers for three years, Love should get two seasons to prove himself as Green Bay’s long-term replacement.