New York Jets and Superstar Quarterback Agree to New Contract

The New York Jets and quarterback Aaron Rodgers have resolved some lingering contract questions heading into the 2023 season. Per NFL Network's Tom Pelissero, the two sides agreed to a new two-year, guaranteed $75 million deal.

The #Jets signed four-time NFL MVP Aaron Rodgers to a new two-year, $75 million guaranteed contract through the 2024 season, per NFL salary data.

Rodgers had nearly $110M guaranteed remaining on his old deal in GB. He’s taking less for a shot at a ring (or two) in New York. pic.twitter.com/FI6rmtgmAO
— Tom Pelissero (@TomPelissero) July 26, 2023

Early reports indicated that Rodgers was taking a pay cut in order to help the Jets over the next two seasons, but that isn't entirely accurate. Functionally, Rodgers had three years and 112.4 million remaining on his previous contract, and he's set to earn the same amount of money over the next two years.

It's an interesting deal for both the Jets and Rodgers because it doesn't necessarily improve the Jets cap flexibility: per Spotrac, Rodgers' 2023 cap number remains the same, and his 2024 cap number has substantially increased from about $17.2 million to around $45.2 million due to a massive $38.2 million guaranteed salary.

Functionally, Rodgers has given up the final year of his existing deal in exchange for a fully guaranteed two-year run with the Jets, which makes sense. He'll be 42 in 2025 and has already shown hints of decline after posting a career-worst 91.1 passer rating with the Green Bay Packers last year. It's very likely Rodgers doesn't expect to play beyond the 2024 season, and even if he changes his mind, he'd be a free agent and have a real chance at exceeding the money he "gave up."

Despite the contract's initial framing, Rodgers didn't do his team any favors on this deal. The Jets have surrendered significant cap maneuverability for the 2024 season. Shrewdly, Rodgers has leveraged a much more favorable contract situation. By converting remaining bonuses to guaranteed salary, he protects himself from hypothecially having to return any money should he retire after the 2024 season. As ever, Rodgers has proven himself one of the NFL's better businessmen.