The Green Bay Packers‘ 2023 campaign ended with a Divisional Round loss to the San Francisco 49ers, but Saturday night’s defeat shouldn’t put a damper on quarterback Jordan Love’s outstanding debut campaign.
Coming into the season with just one pro start in relief of former starter Aaron Rodgers, Love finished second in the NFL in touchdown passes (32), fifth in passing efficiency, and ninth in QBR while leading Green Bay to nine regular-season wins and a Wild Card rout of the Dallas Cowboys.
Love is under contract through 2024. But given how quickly the NFL’s salary cap and quarterback salaries explode, the Packers may want to extend Love sooner rather than later. What could his next contract look like?
Packers Expected To Offer Jordan Love New Contract in 2024
Reporting before and after Green Bay’s loss to San Francisco suggested that Love will be in line for a new deal this summer.
“My understanding is that, as he enters the final year of his contract, the Packers and Love’s representation are expected to address this,” NFL Network’s Ian Rapoport reported on Saturday.
“This coming spring, do not be surprised if he does get that massive, franchise quarterback-type contract extension. And the further he goes in the playoffs, the richer he is going to be.”
ESPN’s Adam Schefter went further on Sunday NFL Countdown, indicating that the Packers are expected to make Love one of the highest-paid quarterbacks in the NFL.
Green Bay did not make a decision on Love’s 2024 fifth-year option by last May’s deadline, instead giving the former first-round pick a modified one-year extension.
After hitting myriad 2024 salary escalators based on his individual performance and the Packers’ success, Love will collect $11 million in cash next season and count for $12.78 million on the club’s salary cap.
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In a world where the Cincinnati Bengals’ Joe Burrow tops all quarterbacks with a $55 million annual salary, Love’s take-home pay represents an outstanding bargain for Green Bay.
The Packers want to lock in Love for the long haul, but general manager Brian Gutekunst will have to wait — at least a few months — before firing the Utah State product a new deal. NFL contracts cannot be altered twice within one year, so Green Bay must wait until after May 3 (the date of Love’s 2023 agreement) to give their QB another extension.
Projecting Love’s Extension With the Packers
Love’s potential extension — and quarterback contracts in general — often offer two competing narratives.
On one hand, the Packers seemingly hold tremendous leverage over their starting QB. Love will make a pittance in 2024, while Green Bay could control his contractual rights with franchise tags in 2025 and 2026. The Packers could theoretically hang onto Love for three more seasons without extending him.
On the other hand, quarterbacks cost what quarterbacks cost. If an elite signal-caller is due for an extension, he usually becomes the NFL’s highest-paid player.
That’s how things worked last year, when Jalen Hurts, Lamar Jackson, Justin Herbert, and Burrow repeatedly topped each other’s deals while pushing the QB market forward.
Of course, those four quarterbacks had more experience and success under their belts when they received new contracts.
Hurts was coming off a Super Bowl appearance, while Lamar had an MVP award in his back pocket. Herbert had been a high-end starter for three years, and Burrow had been within a few plays of guiding the Cincinnati Bengals to a Lombardi Trophy.
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Love was excellent in 2023, but it was one season. Will the Packers be comfortable making him the league’s most expensive QB?
It’s possible. If Love sticks on his current contract and posts similar production in 2024, he will undoubtedly become the NFL’s top-paid passer the following offseason. Green Bay might want to get ahead of things this summer and lock him in before earnings from recent television deals skyrocket the league’s salary cap.
Even if the Packers aren’t willing to go to $55+ million, Love probably shouldn’t consider anything below $50 million per year. A four-year, $202 million extension would put Love at $50.5 million annually (just behind Hurts at $51 million), while Hurts’ $110 million in full guarantees should set Love’s baseline.
Green Bay has somehow gotten lucky enough to transition from Brett Favre to Rodgers to Love over a 30-year span. Favre and Rodgers have seven MVPs between them. If Love plays well enough in 2024 to receive postseason hardware, the Packers will want to have him already under contract.
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