How much money will Jordan Love earn in his contract extension with the Green Bay Packers?
A potentially more intriguing question is how much money the Packers could have saved if they had extended Love’s contract 13 months earlier.
In an interview with Rich Eisen, Mike Florio of Pro Football Talk suggested that Love might become the first player to be valued at $60 million per season.
It’s astounding to consider such high amounts given Love’s limited track record, but that’s the nature of the NFL business.
In May 2023, the Packers and Love reached a compromise on a one-year contract extension. This deal provided more money in 2023 ($14.5 million instead of $2.29 million) and a higher total ($22.5 million) but offered less guaranteed money than the fifth-year option ($20.272 million).
By trading Aaron Rodgers and committing to Love, general manager Brian Gutekunst showed confidence in the quarterback he selected in the first round of the 2020 NFL Draft. However, he didn’t fully commit, which will now cost the Packers.
This isn’t criticism or second-guessing. Given Love’s minimal achievements—growth during practice and one quarter of relief play in 2022—Gutekunst couldn’t have offered a substantial contract extension last offseason. Additionally, Love and his agents likely wouldn’t have wanted a long-term contract at that time, fearing he might end up underpaid, which indeed would have been the case.
The compromise extension was necessary for the Packers to avoid the fifth-year option if Love didn’t perform well and for Love to secure a reasonable starting quarterback salary. However, this meant the Packers couldn’t offer an in-season contract extension due to NFL rules prohibiting two extensions within 12 months. Extending him in November would have been much cheaper, but it wasn’t possible.
Looking back to May 2023, Love’s contract situation was probably unprecedented in NFL history. Using Giants quarterback Daniel Jones as a comparison, after the 2022 NFL Draft, the Giants declined his fifth-year option. Jones then had a successful season, leading to a four-year, $160 million contract. With Love’s minimal experience—losing his only start in 2021 and completing 14-of-21 passes in 2022—Gutekunst couldn’t have justified a similar commitment.
If Gutekunst had fully committed to Love then, he would have saved millions and made managing the salary cap easier. If Mike Florio is correct and Love becomes the NFL’s first $60 million-per-season player, that’s $240 million over four years—$80 million more than Jones received. Even if Love doesn’t reach $60 million per season, he should surpass the $275 million over five years the Jaguars gave Trevor Lawrence. Lawrence had a breakout 2022 but regressed in 2023, yet still tied Joe Burrow for the highest per-season earnings with $55 million, including a $142 million signing bonus.
Crucially for the Packers, the Jaguars can easily build around Lawrence due to manageable cap numbers, aided by void years. Similarly, the Lions gave Jared Goff a four-year extension worth $212 million ($53 million per season), with cap numbers starting at $27.2 million in 2024 and rising significantly in later years.
Currently, six quarterbacks make more than $50 million per season, and Love, along with Dak Prescott, will likely increase this number to eight. The exact figure for Love remains uncertain, but it’s clear that waiting will only make it more expensive.
