Where Josh Allen ranks among NFL QB contracts following Jared Goff's massive extension

Buffalo Bills quarterback Josh Allen may have one of the biggest "bargain" contracts in the NFL.

Jan 21, 2024; Orchard Park, New York, USA; Buffalo Bills quarterback Josh Allen (17) reacts after / Mark J. Rebilas-USA TODAY Sports

It’s difficult to dub a contract that sees a person earn $43 million per year a “bargain,” yet, the descriptor seems apt with regard to that of Josh Allen.

The NFL’s quarterback contract hierarchy was altered yet again on Monday evening when the Detroit Lions reportedly agreed to terms on a four-year, $212 million contract with veteran signal-caller Jared Goff. The deal, which includes a reported $170 million in guaranteed money, will make the 29-year-old the highest-paid player in Lions history and see him usurp Los Angeles Chargers passer Justin Herbert as the second-highest-paid quarterback in the NFL, per CBS Sports, at $53 million per year. Only Cincinnati Bengals quarterback Joe Burrow ($55 million per year) will earn more money annually than Goff.

Nobody questions the talent of these players or their importance to their respective franchises; that said, $50 million annually—or roughly 20% of a team’s salary cap—is a healthy chunk of change. All three passers make significantly more per year than Buffalo Bills quarterback Josh Allen, who, despite being almost universally viewed as one of the league’s premiere passers, is only its tenth-highest-paid signal caller per year at $43 million.

That seems like a more than fair arrangement from Buffalo’s perspective.

Allen initially inked his current contract in the summer of 2021, a six-year extension worth up to $258 million with a then-NFL record $150 million in guarantees. The deal was set to make Allen the second-highest-paid quarterback in the league at $43 million per year, behind only Kansas City Chiefs quarterback Patrick Mahomes and his $45 million annually.

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The deal was considered a bit of a risk for the Bills at the time; though Allen was coming off a stellar season in which he earned second-team All-Pro honors and finished second in NFL MVP voting, his breakout campaign came after a rather ugly rookie year and an up-and-down sophomore outing. The contract was an example of Buffalo trying to get ahead of the curve, to lock Allen up to a long-term deal not only before he cemented himself as one of the NFL’s elite, but before the quarterback market blossomed into a bubble.

It was wise to do so.

Allen would go on to solidify himself as not only one of the best quarterbacks, but players, in the league, leading Buffalo to another three straight AFC East wins since signing his extension. He recently constructed his fourth consecutive season with 40 or more total touchdowns; no player in NFL history had previously accomplished the feat.

The 27-year-old is not only the centerpiece of Buffalo’s roster on the field, but a regional folk hero, a cultural icon who has dragged the Bills from the depths of NFL irrelevancy and has aided in bringing mainstream attention to the team and area. 

And the Bills are receiving these benefits while Allen is being paid as the tenth-highest-paid quarterback in the NFL.

Most pundits and generally logical people would tell you that Allen is certainly better than his standing in the gunslinger contract hierarchy would suggest, but the quarterback market is not necessarily indicative of a passer’s quality, but more so the state of the market at the time they signed the extension. Look at the aforementioned Mahomes, for example; most would agree that the three-time Super Bowl champion is not only the best quarterback in the league, but one of the most talented signal-callers in NFL history. He’s currently the ninth-highest-paid quarterback in the NFL in terms of average annual salary, ranking behind the likes of Kyler Murray, Deshaun Watson, and Kirk Cousins.

“Bargain” seems like a fair word to describe the contracts of both Allen and Mahomes.

It’s likely only a matter of time before the two premier passers want to cash in on the refreshed market and reset it themselves; until then, the Bills will continue to benefit from paying an, at worst, top-three quarterback as the tenth-highest paid passer in football.