Exactly 257 young men will have taken a monumental step towards life-changing money by the time this weekend concludes. Not coincidentally, there are exactly 257 total picks in the 2024 NFL Draft.
You likely know some of the key names regularly appearing atop draft boards. Thanks to the rookie wage scale, which was implemented in 2011, guys like Caleb Williams and Marvin Harrison Jr. will receive some of the richest contracts among their classmates. That’s the benefit of standing out collegiately and getting selected at the top of your class.
The rookie wage scale is fairly simple. There’s both a ceiling and a floor to how much a rookie can make, and which side of it they wind up closer to is largely dependent on where they’re drafted.
There’s still a fair amount of gray area when it comes to the salary specifics and the length of an NFL rookie contract, and we break it all down.
How Do NFL Rookie Contracts Work?
One great resource to get an idea of how NFL teams dole their cap dollars out to incoming rookies is this list breaking down last year’s rookie contracts, courtesy of Spotrac.
At the top is Bryce Young — the No. 1 overall pick from a year ago — who received a four-year, $37.9 million deal from the Carolina Panthers. Given the recent $30 million increase in the salary cap, you can expect Williams (or whoever goes first overall) to push for $10 million annually.
The disparity between rookie contracts is largest at the top. Young leads his draft class with an average salary of $9.4 million. Each player selected within the top 10 last year received a contract worth at least $5 million annually. By the time we get to the end of the first round, the players being selected are typically getting contracts worth about $3 million per season.
When Day 2 rolls around, players are still being made instant millionaires, but they live in a little more modest tier. Think $1-$2.5 million.
Joey Porter Jr., the first pick of Round 2 a year ago, has a contract paying him $2.4 million annually. Meanwhile, Mekhi Blackmon, who was the last pick of Round 3, is slated to earn $1.3 million per season.
When Day 3 begins, player contracts steadily get closer to the league minimum: $750,000. And thus, the difference in contract sizes gets smaller. No draftee actually hits the number, however. In fact, everyone selected on Day 3 last year signed a contract worth between $979,000 and $1.2 million annually.
There’s less variance when it comes to rookie contract length. Every drafted rookie last year signed a four-year deal with the team that selected them, which is typical. Guaranteed money varies, with higher-round picks receiving more of what they signed for.
KEEP READING: How Much Do NFL Draft Picks Get Paid?
First-round picks are also subject to the fifth-year option, in which a team can extend that player for one season at a median rate commensurate with the top 20 highest-paid at their position.
Draft with your friends today! PFN’s Mock Draft Simulator now supports multiple drafters during the same draft! Find out how the PFN Scouting Department ranks this year’s prospects with our 2024 NFL Draft Big Board and follow along throughout the draft with our NFL team needs tracker.
