Examining the Four Latest Key NFL Veteran Contracts
Trey Smith, Ahmad Gardner, Garrett Wilson and TJ Watt all signed new deals. Who got the clear wins?
You know the slow period of the NFL offseason is over once training camps get underway. And about the time that training camps are about to start, four notable players signed new contracts with their respective teams.
The Chiefs got a four-year contract done for offensive guard Trey Smith, who got the franchise tag from his team. The Jets followed suit with four-year extensions for their first-round picks from 2022, cornerback Ahmad Gardner and wide receiver Garrett Wilson. And the Steelers got a three-year extension finalized for edge rusher T.J. Watt.
As is often the case, you'll hear a lot of talk about what a great contract this is for the player and how he changed the market. But the question to ask is how much they really did change the market and, if so, in what ways did they change it?
Let's examine each of the contracts to see what they really mean for the player and the market for their positions.
Trey Smith, OG
Smith's deal is for four years at $94M, which makes him the highest-paid guard in the NFL in terms of APY salary. He got $46.75M fully guaranteed, to include a $17M signing bonus and a $10M base salary for 2025. Smith also received $70M in total guarantees, with his 2027 base salary becoming fully guaranteed if he's on the roster on March 15, 2026.
From a contract structure standpoint, Smith will effectively be with the Chiefs through 2027 unless they trade him or use him the post-June 1 designation in 2026. Because the Chiefs are only going to do the latter in 2026 if his play drops to the point he has no value to any team, Smith should effectively collect 75 percent of the total sum.
Among right guards, Smith actually got less in full guarantees than Chris Lindstrom but more in total guarantees. He also exceeded Landon Dickerson, the highest-paid left guard, in every aspect.
It’s fair to say that Smith did re-set the market for offensive guards. Whether or not other players take advantage remains to be seen, but the Chiefs continued the approach of paying the most money to their best offensive linemen. It will be interesting to see if other teams follow suit if they have a guard that ranks among the best in the NFL.
Ahmad Gardner, CB
There was a point in which I wondered if the Jets might be tempted to trade one of the players they took in the first round of the 2022 NFL Draft for more draft capital. Instead, they chose to extend two of those players, with Gardner getting a four-year extension worth $120.4M.
With Gardner, one should keep in mind that the Jets had him for two more seasons after exercising his fully guaranteed fifth-year option for $20.18M. Therefore, when it comes to the full guarantees of $40.5M, he already had half of that locked in. He received $84.65M in total guarantees, a $13.75M signing bonus, an option bonus of $20M in 2026 and a $10M option bonus of $10M in 2027.
While it's not clear from the contract breakdown at Over the Cap, one could safely assume that his 2027 and 2028 salaries are injury-only guaranteed and at least some of that money becomes the fully guaranteed the season before. The option bonuses allow the Jets to lower his cap number, but they could opt to not exercise the options and just pay out the money as base salary.
Gardner did make out well in terms of APY salary, but does that make him the winner among all cornerbacks? When you look at full guarantees, that's not really the case. Gardner ranks ninth among veteran cornerbacks (Travis Hunter ranks above Gardner, but his entire four-year rookie contract is fully guaranteed). As for total guarantees, he ranks second behind Derek Stingley Jr., who got a three-year extension from the Texans, so that’s a point in Gardner’s favor.
To be sure, Gardner did make out pretty well overall, but when it comes to full guarantees, he didn't score a clear win. However, he does have the potential to earn a considerable amount of money beyond those full guarantees. It's a good deal for Gardner but it's not quite the deal that re-sets every aspect of the cornerback market.
Garrett Wilson, WR
The Jets gave Wilson a four-year extension for $130M, which keeps him under contract through 2030. Wilson was set to make $16.817M on his fifth-year option and got $38.3M fully guaranteed in his extension. Thus, the money he was already due for the next two seasons is slightly less than half of what he got in the extension.
His total guarantees come to $69.675M and he got a $13.75M signing bonus, plus a $20M option bonus that would lower his cap number if exercised. (Again, the Jets could choose not to exercise the option and just pay out the money as base salary.) He gets guarantees locked in on his 2027 and 2028 salaries the year before, so this deal should effectively keep him with the Jets through 2028 unless he's traded or cut with a post-June 1 designation.
It wasn't likely that Wilson was going to re-set the receiver market — he is a talented player but he's not at the level of Justin Jefferson or Ja'Marr Chase. Wilson ranks fifth in terms of APY salary, which looks good at first, but his full guarantees don't even put him in the top 10. That includes the likes of Jerry Jeudy and Michael Pittman Jr., both receivers who some would argue are not as good as Wilson.
Wilson's total guarantees rank him fourth among receivers, so that's an instance in which he made out well. And because those future salaries become fully guaranteed a season before they're due, that's definitely a win for the player. While it's not a re-set of the market, it does pay Wilson well and ensure him significant money as long as he continues to play well.
T.J. Watt, EDGE
The 31-year-old Watt was entering the final year of his four-year extension he signed back in 2021. The Steelers gave him a three-year extension for $123M that gives him a whopping $108M in fully guaranteed money.
Basically, the Steelers gave Watt a deal that likely ensures he will get to finish his career with the team. His contract runs through 2028, when he will be 34 years old and his fully guaranteed money will run out. By that point, the Steelers could decide to give him a short-term extension if he's still playing well or have an out if his play has declined.
This is definitely a win for Watt, in that he ensured he'll get paid for the next three seasons, as he hits the age in which it's not unusual to see edge rushers decline. Watt is coming off a strong season and is surrounded by quality players on defense, but it will be interesting to see if he can keep up that level of play.
Watt's contract definitely has implications for the edge rusher market. There are multiple edge rushers who are up for extensions and some will be looking at the fully guaranteed money. They may not reach the amount he got but they may be able to push for more than Myles Garrett, who got $88.8M fully guaranteed in his recent extension.
In summary, this contract is a clear win for Watt and a likely win for other edge rushers. It's also a message to certain teams who have let contract negotiations with their players drag out that it's not a good idea to let that happen.