More Wins Means More Money for Ex-Ole Miss QB Chad Kelly

Former Ole Miss Rebels quarterback Chad Kelly has an intriguing incentive-based contract in Canadian Football League.

OXFORD, Miss. -- Since former Ole Miss Rebels quarterback Chad Kelly departed Oxford following the 2016 college football season, the nephew of NFL Hall of Famer Jim Kelly has had a rocky career in the pros. 

After his illustrious career at Ole Miss ended, the former four-star recruit was drafted with the last pick in the 2017 NFL Draft by the Denver Broncos. Kelly would bounce between Denver and the Indianapolis Colts before off-field issues eventually ended his initial opportunity in the NFL. The former Rebel has not been on an NFL roster since 2020.

With that, Kelly packed his bags and headed north to the Canadian Football League, signing with the Toronto Argonauts in February of 2022. Kelly started last season as the backup but helped Toronto win the 2022 Grey Cup off the bench and has since led the Argonauts to a 3-0 record this season as their unquestioned starter.

If this stint in the CFL pays off, Kelly could very well get another shot in the United States, and so far it has paid off - in a lucrative sense at least.

Kelly is winning games for Toronto which means he is also pocketing more money thanks to his incentive-based contract. On Thursday, OutKick broke down Kelly's contract with the Argonauts, and the 29-year-old signal-caller is set to make some serious cash if he keeps on winning.

Last year, Kelly's base salary was $67,000 plus an additional $12,000 for housing and another $8,500 for being Toronto's primary backup. For his efforts during the 2022 postseason, Kelly also earned $3,333.33 for playing 51%+ of the snaps in the final game of the season, $3,400 for being on the active roster of the division champion, $3,600 for being on the active roster of the East Division Final champion, and finally $16,000 for being on the active roster of the Grey Cup Champion.

Kelly wound up pocketing $101,833.33 in 2022, not including the $12,000 for housing.

Kelly could make even more money in 2023, however, as his base salary jumped from $67,000 to $75,000 and he still gets $12,000 for housing. As the starting quarterback, Kelly makes $3,333.33 for each game in which he plays more than 51% of the snaps and he easily cleared that benchmark in the first three contests of 2023.

The rest of Kelly's contract is made up of performance-based benchmarks including $1,500 if he throws for more than 1,000 yards, $3,000 if he throws for more than 2,000 yards, $5,000 if he throws for more than 3,000 yards, $10,000 if he throws for more than 4,000 yards, $15,000 if he throws for more than 5,000 yards, $5,000 if he finishes top-three in CFL passing touchdowns, $5,000 if he finishes top-three in CFL passing yards, $2,500 if he is named an East Division All-Star, $5,000 if he is named a CFL All-Star, and $15,000 if he is named the CFL’s most outstanding player.

Kelly's time up north appears to be enhancing both his resume and his wallet.

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You can follow Ben King on Twitter at @BKing_2023.

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