Jared Goff Contract Extension Details Explored

Examining what the Lions have committed to Goff for the future.

Jan 28, 2024; Santa Clara, California, USA; Detroit Lions quarterback Jared Goff (16) gestures to his team against the San Francisco 49ers. / Kelley L Cox-USA TODAY Sports

The Detroit Lions have made it official.

By signing Jared Goff to a contract extension, the organization has committed to Goff as their quarterback of the future. It brings to an end the conversation about whether or not the veteran passer would be a long-term fit in Detroit.

The deal, which is four years for a maximum of $212 million, makes him the highest-paid Detroit Lion in the franchise's history. Additionally, the average annual value of his contract at $53 million ranks him second behind only Joe Burrow in terms of highest-paid players across the league.

Within his extension, Goff earned a $73 million signing bonus. The veteran is owed $170 million in guaranteed money, and is set to earn a total of $165 million over the first three years. The fourth year, an option year, is worth $57 million.

In the immediate future, Goff's extension provides Detroit with around $5 million in cap space for 2024.

While an initial glance indicates that Goff will be a hefty piece on the cap for the Lions' future, there are mechanisms where the Lions can soften that blow. Detroit can divert some of the costs by putting money in void years down the line or restructure the contract.

The extension is also well-earned by the veteran quarterback, of whom little was widely expected when he first arrived in Detroit as part of the trade sending Matthew Stafford to Los Angeles. After a rough first season, however, Goff has played at a high level over the last two campaigns.

Goff piloted the Lions to unprecedented success last season, including a division title for the first time in 30 years and two playoff wins in the same postseason for the first time ever. One of those postseason wins was a victory over Stafford and the Rams in the Wild Card round.

With this new commitment from the organization, the bar has clearly been set for the future. The Lions expect to be contenders for a Super Bowl championship in the near future.

Here's a look at Goff's contract extension, which will take effect at the conclusion of his current contract after the 2024 campaign. All estimates and details are via OverTheCap.com.

Details on Lions QB Jared Goff's four-year, $212 million extension ...

• $73 million signing bonus.
• $125 million over the first two years.
• $165 million over the first three years.
• $57 million in 2028, which is an option year.

— Albert Breer (@AlbertBreer) May 14, 2024

2024
Base salary: $22,300,064
Prorated signing bonus: $19,600,000
Guaranteed salary: $7,611,832
Dead cap money: $123,611,832
Cap number: $27,211,832
Roster bonus: $5,000,000

2025
Base salary: $18,000,000
Prorated signing bonus: $14,600,000
Guaranteed salary: $18,000,000
Dead cap money: $96,400,000
Cap number: $32,600,000
Roster bonus: $0

2026
Base salary: $55,000,000
Prorated signing bonus: $14,600,000
Guaranteed salary: $20,000,000
Dead cap money: $63,800,000
Cap number: $69,600,000
Roster bonus: $0

2027
Base salary: $40,000,000
Prorated signing bonus: $14,600,000
Guaranteed salary: $0
Dead cap money: $29,200,000
Cap number: $54,600,000
Roster bonus: $0

2028
Base salary: $39,000,000
Prorated signing bonus: $14,600,000
Guaranteed salary: $0
Dead cap money: $14,600,000
Cap number: $61,600,000
Roster bonus: $7,000,000

Per Albert Breer, Jared Goff received $73 million signing bonus

— DetroitSportsPodcast (@DetroitPodcast) May 14, 2024