NFL Draft: Second and Third-Round Rookie Contracts Revealed

As the 2024 NFL Draft resumes in Detroit, promising college football stars are eagerly anticipating their futures as professional athletes. While their contracts may not reach the astronomical figures of first-round picks, the financial rewards remain substantial. Second-round selections, for example, are poised to earn significant sums, with some players potentially securing nearly $10 million in their initial four-year rookie contracts.

Spotrac, a sports contract website, estimates that the first pick of the second round could command just under $10 million, setting a lucrative standard for the following selections. The subsequent eight players chosen in the second round are expected to earn north of $9 million each. Even the final pick of the second round stands to secure a lucrative deal, with an estimated value of around $6.3 million.

Moving into the third round, the financial gains remain impressive, with players expected to earn between $5.5 million and $6 million in their rookie contracts. These contracts also include an option for a fifth year, adding further value to these agreements.

However, as the draft progresses beyond the third round, contract values begin to decline. The final pick in the seventh round, often referred to as “Mr. Irrelevant,” is expected to secure a rookie deal just above $4 million. Despite the decrease in contract values, these deals still represent a significant financial opportunity for these young athletes.

It’s important to note that once these contracts are finalized, they cannot be renegotiated, amended, or altered in any way until the players complete their final regular season game in their third year, as per the league’s collective bargaining agreement.

In terms of the 2024 draft picks, the Chicago Bears made a splash by selecting USC quarterback Caleb Williams as the first overall pick. Williams was a highly anticipated choice, with many mock drafts from reputable sources such as the NFL Network, CBS Sports, USA Today, and The Athletic, predicting his selection. Other notable selections include LSU quarterback Jayden Daniels by the Washington Commanders and North Carolina quarterback Drake Maye by the New England Patriots.

The financial stakes are high for these top draft picks, with the top five selections expected to earn over $30 million each in their rookie contracts. The second overall pick is projected to earn approximately $36.8 million, while the fifth pick could receive over $32.3 million. Even lower picks in the first round are expected to secure deals north of $12 million, highlighting the financial rewards of being selected early in the draft.

To put these figures into context, Pittsburgh Steelers quarterback Russell Wilson made an impressive $85 million between May 2022 and May 2023, including $72 million from playing for the Denver Broncos and an additional $13 million from off-field endorsements. However, Wilson’s upcoming season with the Pittsburgh Steelers will see him earning only the league minimum veteran salary of $1.21 million, significantly less than other top quarterbacks like Kyler Murray and Patrick Mahomes.