Breaking Down CeeDee Lamb's $136M Extension

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertAugust 30, 2024
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The Cowboys checked off one of their big three contract checkboxes this week, locking in star WR CeeDee Lamb to a 4 year, $136M extension. The deal keeps Lamb under contract through the 2028 season and comes with a total value of $153.9M over the next 5 years.

Contract Terms

Lamb’s $136M new money extension represents the 3rd largest value among Wide Receivers (Justin Jefferson, Davante Adams $140M) and the 2nd largest contract that the Cowboys have ever handed out (Dak Prescott, $160M).

Signing Bonus

The big ticket item on this contract, Lamb received a $38M signing bonus with his new deal, the largest for a Wide Receiver in NFL history.

Largest WR Signing Bonuses

  1. CeeDee Lamb (DAL, 2024): $38M
  2. Justin Jefferson (MIN, 2024): $36.9M
  3. D.K. Metcalf (SEA, 2022): $30M
  4. Terry Mclaurin (WSH, 2022): $28M
  5. DeAndre Hopkins (ARI, 2020): $27.5M

Average Salary

At $34M per year, Lamb becomes the 2nd highest average paid Wide Receiver in NFL history falling just below Justin Jefferson’s $35M, but tying Nick Bosa (DE, SF, 2023) among top non-QB averages.

When factoring in his previously exercised $17.991M 5th-year option, the total value average on this contract drops down to $30.7M. The practical guarantee on this contract comes in at 4 years, $122M, or $30.5M per year. Strong numbers across the board.

Guarantee Structure

Lamb secures $67M fully guaranteed at signing, including his $38M signing bonus, $1.15M base salary in 2024, & $26.85M base salary in 2025. If he’s on the roster next March 16th, all $26M of his 2026 compensation becomes fully guaranteed. If he’s on the roster the 5th league day of 2027, $7M of his 2027 salary will fully guarantee.

All combined, this represents a $100M practical guarantee on the contract, 2nd only to Justin Jefferson’s $110M in Minnesota, and well above 3rd place A.J. Brown at $84M.

Salary Cap Structure

Lamb’s new deal offers a cap friendly figure for 2024, but will likely need attention as early as next March. Base salary conversions are a big part of the Dallas Cowboys’ contract construction, as they prefer to start with large base salaries and maneuver as needed (rather than build in option bonuses that do that job on their own).

CeeDee Lamb’s Cap Figures
2024: $8.75M
2025: $35.45M
2026: $33.6M
2027: $36.6M
2028: $16.4M
2029: $23.2M (potential void dead cap)

The extension lowers Lamb’s 2024 cap hit by $9.24M. The 2028 season contains an option bonus that can be exercised into 4 void years, or kept as full base salary. But if 29-year-old Lamb is still an elite weapon, he’ll be well into a 3rd contract by then anyway.

Cash Flow

Lamb secures $39.15M cash for the upcoming season (a $38M signing bonus + $1.15M base salary). This represents a $21.159M raise from his previous 5th-year-option salary.

CeeDee will see $67M over the next 2 years, $93M over the next 3 years, & $122M over the next 4 seasons - the logical outcome for this contract.

Annual Cash & Rankings

Annual Cash Cumulative Cash Cumulative Cash Rank
$39,150,000 $39,150,000 1st
$27,850,000 $67,000,000 2nd
$26,000,000 $93,000,000 2nd
$29,000,000 $122,000,000 2nd
$31,991,000 $153,991,000 2nd

Concluding Thoughts

There was a world, mathematically speaking, where CeeDee Lamb’s extension could have surpassed Justin Jefferson, but seeing them sit atop the WR market seems a good enough result (though Ja’Marr Chase may soon have something to say about that).

As per usual with CAA agent Tory Dandy’s extensions, Lamb’s contract remains short & sweet, offering him a chance to step into a 3rd contract around his 28th birthday, when the league salary cap should be north of $300M.

The structure offers little to squint your eyes at - a standard for Cowboys contracts over the last 30 or so seasons. Dallas will likely convert Lamb’s 2025 & 2026 base salaries into signing bonuses over the next two offseasons, pushing dead cap into the 2027–2030 seasons, adding more leverage for the player come extension time in 3 or so seasons. Sound familiar?


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