Vikings Acquire RB Mason

Michael GinnittiMarch 16, 2025

The Minnesota Vikings kept their foot on the gas pedal this week, agreeing to acquire RB Jordan Mason from the San Francisco 49ers. Minnesota will send back a 5th Round pick (#160) in the upcoming draft, and a 6th Round pick in 2026, while the Vikings will bring back pick #187 (a 6th-Rounder) as well.

Mason was scheduled to earn a $5.346M 2nd-Round restricted free agent tender in 2025, but the Vikings have announced a 2 year, $12M contract extension for the 25-year-old that includes $7M fully guaranteed. He joins veteran Aaron Jones (who signed a 2 year, $20M extension of his own) as a strong 1-2 punch in Minnesota going forward.

San Francisco on the other hand continues their mini-purge this offseason, freeing up all $5.3M of Mason's salary in the move. The Niners are still in good hands at the running back position of course, as Christian McCaffrey is signed through the 2027 season (mostly guaranteed through 2025).

Jordan Mason's contract extension checks in at 2 years, $10.5M and includes $7.23M fully guaranteed. He'll earn $5.5M in 2025 (just north of his previous tender), and can add $1.5M to the deal based on rushing yards.

nfl minnesota vikings san francisco 49ers jordan mason

Breaking Down Josh Allen's $330M Contract

Michael GinnittiMarch 14, 2025

The details of Josh Allen’s 6 year, $330M renegotiated contract with the Buffalo Bills have been revealed and, as expected, they’re relatively massive.

The Overall Structure

Allen secures a $56.745M signing bonus (9th highest all-time), plus 3 consecutive option bonuses. This structure is utilized to keep cap figures lower early on in the contract - though as we’ll detail soon, not as low as they could have been in this particular case.

There are large March roster bonuses built into the final two years of the season, a good indicator that the player/agent will look to extend out of this contract again prior to the 2030 season (or pressure on the Bills to get out of the deal early if things are going in that direction).

The deal includes VERY aggressive cash flow, and a bit more room to maneuver than the majority of blockbuster deals we’ve seen in the past.

The Cash Flow

Historic. Allen secured $220M over the next 4 seasons, $1M more than Dak Prescott locked down with Dallas last summer, and $90M more than Allen was previously scheduled to earn on his prior contract.

He’ll see $58M in 2025, $113MM through year 2 (2nd all-time to Prescott), and $166M through year 3 (2nd all-time to Prescott).

6-Year Cash Flow
2025: $58M
2026: $55M
2027: $53M
2028: $54M
2029: $52.5M
2030: $57.5M

For a little clarity, yes, Josh Allen’s $55M APY ties him for 2nd with Joe Burrow, Jordan Love, & Trevor Lawrence. But these players were extending out of a rookie contract to secure that number - which means there were previous years and cash built into that new deal. Burrow’s 4-year cash APY is $45.4M. For Love it’s $46.5M, and for Lawrence it’s only $38.8M.

Allen’s $220M through 2028 means he’ll earn a true $55M per year over that span.

The Guarantee Structure

$147M of the $330M total is guaranteed at signing, comprised of:
Signing Bonus: $56.745M
2025 Salary: $1.255M
2026 Salary/Bonus: $54.5M
2026 Salary: $34.5M

It’s the second most guaranteed signing in NFL history, behind only Deshaun Watson’s $230M. However, if we compare this number to the total value of the contract, Allen slips down the list quite a bit:

% of Contract Guaranteed at Signing

Rank Quarterback & Guaranteed
1 Deshaun Watson 100.00%
2 Dak Prescott 53.75%
3 Jared Goff 53.59%
4 Joe Burrow 53.28%
5 Lamar Jackson 51.92%
6 Trevor Lawrence 51.64%
7 Justin Herbert 50.95%
8 Jordan Love 45.82%
9 Kyler Murray 44.82%
10 Josh Allen 44.55%

In total, $250M of this $330M contract is guaranteed, as $18M of 2027 salary locks in next March, $53.5M of 2028 salary locks in March of 2027, $14M of 2029 salary locks in March of 2028, and a final $17.5M becomes fully guaranteed in March of 2029. The $250M total guarantee is the most in NFL history, soaring past Dak Prescott’s $231M previous high mark.

The Salary Cap Flow

Here’s where things get a little tricky. Generally speaking, a huge contract with 4 prorated bonuses offers the team a substantial amount of salary cap relief early on. The Bills chose not to go this route - at least initially. What does that mean?

Out of the gate, some of these initial cap figures look daunting, if not downright terrifying. However, Allen’s $41.3M cap hit this year represents less than 15% of the league salary cap. That balloons to over 20% next year based on projections, but then decreases nicely through 2028. Even small salary conversion adjustments over the next 3 offseasons will keep Allen’s cap hit in the teens in terms of percentages, which should allow Buffalo the opportunity to continue to build and grow appropriately.

2025 - $41,335,281
Allen receives a $56.745M signing bonus that spreads out over 5 years, and a veteran minimum $1.255M base salary. Everything about this year is as minimized as possible for salary cap purposes. Allen’s cap hit for the upcoming season stands at $41.3M, which represents $3.9M of savings from his previous contract.

2026- $61,388,000
There’s a $38M option bonus available that when exercised will spread out over 5 years for cap purposes, but Allen is also due a $16.5M base salary in 2026. This is $15.2M more than the veteran minimum next season ($1.3M). If Buffalo processes a simple salary conversion next March, they can lower the cap hit down to $49.3M, saving over $12M of room.

Now you get the picture. After 2025, Josh Allen has base salaries that are significantly higher than the minimum for that particular season, giving Buffalo room/option to maneuver a little bit as needed.

Base Salary vs. Minimum Salary

SEASON BASE SALARY MIN. SALARY POSSIBLE SAVINGS
2026 $16,500,000 $1,300,000 $12,160,000
2027 $14,000,000 $1,345,000 $10,124,000
2028 $18,500,000 $1,390,000 $13,688,000
2029 $17,000,000 $1,435,000 $12,452,000
2030 $27,000,000 $1,480,000 $20,416,000

The Practical Outcome

Assuming Allen and the Bills are still in a good place a few years down the road here, the logical time to start looking sideways at this contract will be the 2029 year, which currently boasts an $86.15M cap figure. That number is likely to increase with a cap conversion or two over the next few offseasons, likely making it an untenable cap hit to enter March with.

Will Buffalo be comfortable processing another conversion that late into the contract? Or will it make more sense to bail out on the final two years of this contract and freshen Allen’s pot a bit?

If Allen is still an MVP-caliber quarterback, the Bills will most likely be motivated to start over again prior to the 2029 season. If there’s even a sliver of doubt with their multi-year future, I think it stands to reason that this contract is allowed to play out through 2029 (5 years, $272.5M), after which an extension can be negotiated.

Here’s what we know for sure: Allen will be earning (at least) $220M over the course of the next 4 seasons (TBD incentives are available as well) - more than any NFL player has ever earned over a 4-year span. So while he may have left a few million per year (the math says around $7M) on the table, the structure of this contract certainly benefits him where it counts most - cash in hand.

Tracking NFL Free Agency

Michael GinnittiMarch 10, 2025

Follow along with Spotrac's comprehensive coverage of all the trades, releases, signings, & more.

2025 Offseason Tracker
A summarized view of free agency, extensions, trades, etc...

Free Agent Tracker
Tracking all signings & available players throughout the offseason

Contract Extensions
Breakdown details for internal contract extensions this spring.

Trade Tracker
Full details regarding each trade

Transaction Wire 
The full list of transactions, including salary conversions, releases, & more

Team Salary Caps
An up-to-date look at salary cap allocations & estimated cap space


Follow along @spotrac on X, Threads, & BlueSky

Pre Agency NFL Notables

Michael GinnittiMarch 09, 2025

The calm before the NFL Free Agency storm came with plenty of fireworks:

Browns Extend DE Myles Garrett
A stunner in every regard, as the embattled star defender quickly changed his trade demand tune, agreeing to an historic 4 year, $160M contract extension with the Browns that includes $88.8M fully guaranteed at signing, $100M cash across the next 3 seasons, and a 4 year, $123M practical guarantee. It's the highest everything for a non-QB, putting pressure on Cleveland to quickly right this ship. Garrett also secured a full no trade clause with the new contract (just for fun?).

Chiefs Extend LB Nick Bolton
Kansas City locked in their 2021 2nd round pick to a reported 3 year, $45M extension that includes $30M guaranteed. It's a 2 year $30M deal for practical purposes based on cash flow details, locking in Nick Bolton through his age 27 season with the Chiefs. The $15M APY ranks 5th among inside linebackers, as does the $30M guarantee.

Vikings Retain RB Aaron Jones
Minnesota foreshadowed this move when they pushed back the void date on Aaron Jones' previous contract to Tuesday, signaling an expectation that the two sides would come to terms before the start of the league year. It's a 2 year, $20M contract for the 30-year-old, which includes a reported $13M guaranteed. The $10M APY ranks 5th among active RB deals, just behind Josh Jacobs' $12M in Green Bay.

Seahawks Extend DL Jarran Reed
The Seahawks have been subtracting for the better part of a week, but they agreed to terms on a 3 year, $25M extension with Jarran Reed today, keeping him under contract through 2027, and off the open market next week. The 32-year-old has spent 7 of his 9 NFL seasons in Seattle, and now appears poised to finish out his career there as well.

Cardinals Keep OLB Baron Browning
Arizona got on the board this early offseason, retaining OLB Baron Browning on a 2 year deal worth up to $19M ($15M base value). The 26-year-old was acquired from Denver at the deadline, and now locks in through 2026.

TE Ertz Returns to Washington
The Commanders kept Zach Ertz off the board this weekend, locking in the 34-year-old TE to a 1 year, $6.25M contract that can max out at $9M with incentives. With Deebo Samuel soon to be in the fold, and an extension for Terry McLaurin almost certain to follow, Washington is prepping their offense for Year 2 of the Jayden Daniels experiment.

Lions Plan to Release Za'Darius Smith
Acquired at the trade deadline for a 5th & 6th round draft pick, Za'Darius Smith finished 2024 with 9 sacks. Detroit frees up over $5.7M of cap per the move, as the deal carried no dead cap when it was acquired via trade. The 32-year-old was set to garner a $6.9M option bonus next week, but instead will hit the open market for the 3rd time in 3 years. He's expected to draw significant interest from (other) contenders.

Bills Release OLB Von Miller
While the two sides discussed options to remain together in 2025 (and still might again down the line), Buffalo parted ways with Von Miller this weekend, a move that frees up just under $8.4M of cap space for a Bills' team still in the red financially. Miller was set to enter Year 4 of a 6 year, $120M contract, but now heads back to the open market after having earned $47.3M from the deal. The nearly 36-year-old is expected to seek a contract for 2025.

nfl

Saints Convert Carr's Salary

Michael GinnittiMarch 09, 2025

The New Orleans Saints further cemented their QB1 for the upcoming season, processing what is expected to be a full, simple salary conversion on Derek Carr's 2025 compensation.

Carr carried a $30M base salary plus a $10M roster bonus for the upcoming season. The conversion turns $28.745M of that salary, plus the roster bonus into a signing bonus that prorates over the next 5 seasons for cap purposes. The move frees up $30.9M of cap space for the upcoming season, bringing the Saints closer to cap compliancy for 2025.

Updated Cap Hits (dead cap)
2025: $20.462M
2026: $69.207M ($59.67M)
2027: Void ($40.463M)

Assuming the two sides part ways next offseason, the Saints will look to designate Carr a Post 6/1 release before the 5th league day of 2026 (when a $10M bonus is due). New Orleans will take on $19.2M of dead cap in 2026, and another $40.4M in 2027. 

nfl new orleans saints derek carr

Bills Extend DE Rousseau

Michael GinnittiMarch 08, 2025

The Buffalo Bills continued their busy winter, extending DE Greg Rousseau to a 4 year, $80 million contract through the 2029 season. The deal comes with a reported $54M guaranteed, an additional $40M over the $13.3M option salary he was set to earn in 2025.

The new contract makes Rousseau the 8th highest average paid DE in football, while the $54M guaranteed currently ranks 6th. Strong numbers for a player that has been a bit inconsistent through 4 years since been selected #30 overall back in 2021.

Rousseau carried a 4 year, $99M valuation in our system, but has been the case for most contending teams, Buffalo locks in a key player at fair value. The deal will almost certainly lower his current $13.3M cap figure for 2025. It's the third notable extension for the Bills this month:

WR Khalil Shakir: 4 years, $53M ($20M guaranteed)
LB Terrel Bernard: 4 years, $50M ($25M guaranteed)

Buffalo may also be in talks with CB Christian Benford (1 year, $3.2M remaining), RB James Cook (1 year, $5.3M remaining), and QB Josh Allen ($14.5M cash in 2025).

nfl buffalo bills greg rousseau

Raiders to Acquire QB Geno Smith

Michael GinnittiMarch 07, 2025

The Las Vegas Raiders made the latest trade splash, agreeing to acquire QB Geno Smith from the Seattle Seahawks in exchange for a 2025 3rd Round pick (#92 overall). Smith brings with him a $31M salary for the upcoming season, $16M of which is set to vest on March 16th. However, it is largely expected that an extension will be processed soon after the league year begins next Wednesday. The 34-year-old projects toward a 2 year, $87M extension in our system, after reeling in $50M in Seattle over the past two seasons.

Seattle on the other hand frees up another $31M of cap space with this move, now sitting with $62M of Top 51 room (7th most in the NFL). Their plans at the QB position are now TBD, though a free agent pitch for Sam Darnold may be in the cards. Sam Howell (1 year, $1.1M), Jaren Hall (1 year, $1.03M), & John Rhys Plumlee (1 year, $840k) are rostered Seahawks quarterbacks currently.

nfl seattle seahawks las vegas raiders geno smith

Texans Agree to Acquire Christian Kirk

Michael GinnittiMarch 06, 2025

The Jacksonville Jaguars were prepared to release WR Christian Kirk, sending him to the open market before the start of the league year. However, the Houston Texans have reportedly swooped in at the final hour, agreeing to send the Jaguars a 2026 7th round pick in return for Kirk.

The 28-year-old WR is entering the final year of his contract, set to earn a non-guaranteed $16.5M for the upcoming season. Barring a renegotiation, Houston will acquire a $16.2M cap hit for 2025, while Jacksonville will take on a $10.5M dead cap hit per the move.

nfl houston texans jacksonville jaguars christian kirk

Trey Hendrickson on the Trade Block

Michael GinnittiMarch 06, 2025

The Cincinnati Bengals are allowing star DE Trey Hendrickson to test the trade waters this week, setting up what could be another blockbuster move at the start of the league year.

Hendrickson (36 sacks, 5 forced fumbles across the past 2 seasons), is entering a contract year in 2025, set to earn a non-guaranteed $16M. With edge defender numbers rising daily (Maxx Crosby $35.5M APY), Hendrickson's contract demands likely outpriced the Bengals, who are actively trying to lock down their top two wide receivers this spring.

The 30-year-old projects toward a 2 year, $61M extension in our system. His trade would leave behind just $2,666,666 of dead cap to Cincy, freeing the $16M. There is expected to be significant interest around the league.

nfl cincinnati bengals trey hendrickson

Deshaun Watson's Salary Converted

Michael GinnittiMarch 06, 2025

The Browns converted $44.745M of Deshaun Watson's 2025 salary into signing bonus, creating $35.79M of cap space. It's the third consecutive salary conversion for Watson's albatross of a contract, pushing future cap hits (and voidable dead cap) into historic tiers.

New Cap Hits (corresponding dead cap)
2025: $36.9M ($172.3M)
2026: $81.6M ($135.4M)
2027: $53.7M (void)

Cleveland is now salary cap compliant for 2025, currently holding $12.8M of Top 51 space. Will the Browns be willing to take on $135.4M of dead cap ($46M cash) next offseason to move on from Deshaun Watson? Even as a Post 6/1 move, the numbers would be historic 

nfl cleveland browns deshaun watson
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