“Howie Season” has become a bit of a joke around the city of Philadelphia, but the Eagles‘ general manager has never been shy to make splashy moves in hopes of improving his roster.
During the first two days of free agency, Roseman signed edge rusher Bryce Huff, safety C.J. Gardner-Johnson, and running back Saquon Barkley to three-year deals. These moves not only allow the Eagles to stay competitive in 2024 but also improve the organization’s long-term cap health.
Looking at the details of these contracts, Roseman’s free agent haul seems even more impressive. Barkley’s contract is perhaps the best example, so let’s break it down.
Full Contract Details for Saquon Barkley
At first glance, Barkley’s three-year, $37.5 million contract with the Eagles could seem like a lot of money for a 27-year-old running back, especially considering his injury history.
When you pull back the curtain and delve into the details, though, the contract can be seen as another feather in the cap of Roseman and the Eagles’ front office.
Eagles RB Saquon Barkley's three-year, $37.75 million deal.
• $11.625 million signing bonus.
• $25.5 million fully guaranteed.
• $24.5 million over first 2 years.
• $1.5 million of 2026 base ($12M) guaranteed.Essentially a two-year deal, with a team option for '26.
— Albert Breer (@AlbertBreer) March 13, 2024
Philadelphia is giving Barkley close to $24 million over the first two years of the deal. His $3.9 million cap hit for the 2024 season is close to what the New York Giants gave Devin Singletary as well. It also counts for less than 2% of the actual cap the Eagles have spent on their roster.
The only difference between the two deals is that Barkley’s cap hit will increase to $13.5 million in 2025. The Eagles could opt out of the deal leading into the 2026 season when only $1.5 million would be guaranteed.
Should Philadelphia get spooked by Barkley’s large cap hit in 2025, they could restructure the deal to spread out his cap hit over the length of the contract with void years. If the Eagles were to release Barkley with an “out clause” entering 2026, the team would be hit with a $9 million dead cap charge — a small amount compared to other contracts across the league.
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Finally, Barkley’s contract is heavily incentive-based. That means if the running back gets hurt, a lot of the added money he could earn would not be available to him. This protects the organization and ensures they’ll only have to pay Barkley big money if he performs at a high level.
The biggest takeaway from this deal: Philly will be paying their running back room in 2024 far less than people realize, and it gives the organization more breathing room to add more talent to the roster during free agency.
Comparing Saquon Barkley’s Deal to Other RBs
We already mentioned how Barkley’s deal compares to Singletary’s deal with his former team. Looking at other contracts, though, it’s a clear example of the strong job that the Eagles’ front office did to lure Barkley over.
Let’s compare Barkley’s deal to that of newly signed Green Bay Packers running back Josh Jacobs. Jacobs will carry a cap hit of over $5 million this season but has an out in his contract following the 2024 season that gives Green Bay a $9 million dead cap charge.
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Other running backs like Chicago Bears RB D’Andre Swift (three years, $24 million) actually carry a similar cap hit to Jacobs this season over Barkley.
Also, in terms of average annual value, Barkley ($12.6 million) is earning less than San Francisco 49ers RB Christian McCaffrey ($19 million), New Orleans Saints RB Alvin Kamara ($15 million), and Indianapolis Colts RB Jonathan Taylor ($14 million).
The Eagles were fortunate to secure Barkley on an incentive-based contract that can continue to be restructured in a way that allows Philadelphia to be aggressive on the open market.
Barkley’s contract shows that the organization not only understands how to manipulate cap space but also the importance of keeping the team competitive in an important 2024 season.
