At the end of the 2022 NFL season, Baker Mayfield looked like he might be ticketed for long-term backup quarterback duty.
The former No. 1 overall pick was on three different rosters — Cleveland Browns, Carolina Panthers, and Los Angeles Rams — during that calendar year. A late-season run with the Rams got Mayfield back on the map, but he only landed a modest deal to compete for the Tampa Bay Buccaneers’ starting QB job in 2023.
Fortunately for Mayfield, he got his NFL career back on track with the Bucs last season, enabling him to ink a long-term contract with Tampa Bay in March 2024.
Baker Mayfield’s Contract Details and Bonuses
Mayfield was excellent with the Buccaneers in 2023, turning the clock back to his early Browns days while throwing for a career-high 4,044 yards, 28 touchdowns, and 10 interceptions. He finished 18th in QBR (55.1) while guiding Tampa Bay to an NFC South title and a Wild Card victory over the Philadelphia Eagles.
While Mayfield played that season on a one-year, $4 million deal, he was in line for a significant raise.
The Bucs were intent on re-signing him, but Tampa Bay wasn’t the only club interested in handing Mayfield a long-term contract. Both the Atlanta Falcons and New England Patriots were mentioned as potential suitors for the now-29-year-old before he eventually re-upped with the Buccaneers.
Just before the start of free agency, Mayfield and the Bucs agreed to a three-year, $100 million extension that included $40 million fully guaranteed money.
THAT'S OUR QB 😤
📺: #PHIvsTB on FOX pic.twitter.com/cVpt6UdwOA
— Tampa Bay Buccaneers (@Buccaneers) September 29, 2024
Mayfield’s $40 million guarantee is comprised of his signing bonus ($28.875 million), his 2024 base salary ($1.125 million), and $10 million of his 2025 base salary.
He’ll see another $10 million of his 2025 salary become fully guaranteed on the fifth day of the 2025 league year.
Additionally, Tampa Bay included void years in Mayfield’s contract for the 2027 and 2028 seasons. Mayfield will still become a free agent after the 2026 campaign, but those void years allow the Bucs to spread his prorated signing bonus money across five years instead of the three that the deal actually covers.
Mayfield’s $33.33 million average annual value makes him the NFL’s 19th-highest-paid quarterback in 2024.
Mayfield’s Incentives
Mayfield can earn an additional $15 million via incentives over the life of his three-year contract in Tampa Bay. All of his incentives are considered “not likely to be earned,” so they don’t count on the Buccaneers’ salary cap for now.
Mayfield’s incentives are viewed as “NTLBE” because they’re based on statistical thresholds that he didn’t meet in 2023. Tampa Bay purposefully chose production marks that Mayfield didn’t hit last year so that his incentives won’t take up cap space until he actually earns them.
Mayfield can earn $500,000 each year for achieving each of the following during the regular season:
- Top five in passer rating
- Top 10 in the NFL or top five in the NFC in completion rate
- Top 10 in the NFL or top five in the NFC in yards per attempt
- Improve in passer rating, completion rate, interception rate, total yards, yards per attempt, TD passes, and top 10 in the NFL or top five in the NFC in TD passes
- Improve in passer rating, completion rate, interception rate, total yards, yards per attempt, TD passes, and top 10 in the NFL or top five in the NFC in passing yards
Mayfield also has various annual playoff incentives in his deal:
- Bucs improve in yards per rush and win a Wild Card game: $500,000
- Divisional Round win: $1.25 million
- NFC Conference Championship win: $1.75 million
- Super Bowl win: $2.5 million
Mayfied’s Cap Charges
General manager Jason Licht and the rest of Tampa Bay’s front office did everything they could to reduce Mayfield’s salary cap charge in 2024.
His base salary is at the league minimum for a veteran with his years of service. Void years are playing their part, while the Bucs didn’t include any roster or option bonuses in Mayfield’s contract.
Mayfield’s cap hit is relatively simple: $1.125 million salary + $5.775 million prorated signing bonus + $6.9 million cap charge in 2024.
Of course, those figures will increase in the coming seasons. Mayfield is scheduled to carry cap numbers of $35.775 million in 2025 and $45.775 million in 2026.