Grading Broncos CB Patrick Surtain II's Record-Breaking Contract Extension

The full details on the Denver Broncos' mega-extension for Pat Surtain II have emerged.

Sep 10, 2023; Denver, Colorado, USA; Denver Broncos cornerback Pat Surtain II (2) reacts in the first quarter against the Denver Broncos at Empower Field at Mile High. / Ron Chenoy-Imagn Images

The Denver Broncos agreed to terms with Pro Bowl cornerback Patrick Surtain II on a four-year, $96 million extension, which keeps the 2021 first-round pick with the team for the foreseeable future.

The contract details came out a few hours after the extension was announced. Mike Florio at Pro Football Talk first reported those details. Jason Fitzgerald has the contract breakdown and cap hits at Over the Cap.

Let's examine this contract and see what the Broncos did, in terms of taking care of one of their own and how the deal changes the cornerback market.

Contract Details

• 2024: $15 million signing bonus, $2.463M roster bonus, $1.055M base salary, all fully guaranteed.

• 2025: Option bonus of $21M and base salary of $1.17M, fully guaranteed.

• 2026: $10M option bonus and $7.632M base salary, injury only guaranteed, becomes fully guaranteed on fifth day of 2025 league year.

• 2027: $17M base salary, injury only guaranteed, becomes fully guaranteed on fifth day of 2026 league year.

• 2028: $19.49M base salary, $2.179M injury only guaranteed, portion fully guaranteed on fifth year of 2026 league year and portion fully guaranteed on fifth day of 2027 league year, $510K per-game roster bonus.

• 2029: $23.49M base salary, $510K per-game roster bonus.

Cap Charges

• 2024: $9.7M
• 2025: $8.37M
• 2026: $17.3M
• 2027: $26.7M
• 2028: $29.7M

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Gut Reaction

This contract re-set the market for the cornerback position in almost every aspect . Not only did Surtain get the highest APY salary in a cornerback contract, he got the most in full guarantees and total guarantees.

Surtain received $40.7M in full guarantees and $77.5M in total guarantees. He blew past Denzel Ward for total guarantees (for which Ward received $71.25M) but was still behind him for full guarantees (for which Ward received $44.5M).

With that said, the way the contract is structured, Surtain effectively will collect all but $2.179M of his guaranteed money. That's definitely a win for him.

Surtain also received $17.4M in new fully guaranteed money. He was originally set to make $23.3M in fully guaranteed money over the next two seasons.

Surtain will get more money than he was slated to receive in 2024 ($3.5M) because of the $15M signing bonus he garnered. He will be paid $39.5M in the first nine months of the deal and received $54.2M in new guaranteed money. That's a significant sum of money.

The Broncos used option bonuses in the contract to keep Surtain's cap charges lower for 2025 and 2026. An option bonus is treated as a signing bonus when exercised, meaning it will be pro-rated over the remaining years of the contract.

It's worth noting that the Broncos didn't use any void years, so Surtain's 2026 option bonus will be pro-rated over four years. With that said, the option is just $10M, so that comes to $2.5M added to his cap charge for the final four years.

The Broncos do get a win by getting the deal done with Surtain now, though it wasn't a given that another cornerback currently eligible for an extension was going to re-set the market. Still, it's not a bad idea to get the deal done earlier and not let contract negotiations drag too much, leading to a situation in which a dispute goes public.

The Surtain contract isn't a value contract by any means, but that doesn't mean it's a bad contract. The Broncos signaled that they believe Surtain will be a key part of the franchise for years to come.

If you truly believe in a player, you should pay the player accordingly. And in Surtain's case, it's hard to argue he shouldn't be among the highest-paid cornerbacks in the NFL, if not the highest-paid.

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