Instead of picking up his fifth-year option, the Green Bay Packers decided to sign a Jordan Love contract extension on Monday, which we covered here at Let’s Go Wisconsin. Essentially, the details of the contract extension are that Love has the opportunity to earn more max money than the option guaranteed, but the Packers reduced both risk and cap hit at the same time.
However, we now know more details about the Jordan Love contract extension. The specifics for how Love can earn up to $24.8 million on this extension are defined and public. It feels a bit puzzling as to why the quarterback would agree to these terms.
Jordan Love Contract Extension Details Released
These are the details for the Jordan Love contract extension. There are escalators in place for Love to earn up to $9 million more money in 2024 based on his performance this upcoming season.
$500K — playing 65% of offensive snaps
$1M — making the Pro Bowl
$500K — 65% playing time AND make playoffs
$500K — 65% playing time AND a playoff win
$1M — 65% playing time AND win NFC Championship
$1M — 65% playing time AND win the Super Bowl
$500K — 65% playing time AND top 10 in passer rating
$500K — 65% playing time AND top 10 in completion percentage
$500K — top 10 in touchdown passes
$500K — top 10 in passing yards
$1M if 65% playing time and any of the following…
- win 10 games
- Packers go to the playoffs
- top 10 in passer rating AND touchdown passes
Max of $1.5M for 65% playing time and the following…
- $500K — top 16 in passer rating
- $500K — top 16 in completion percentage
- $500K — top 16 in passing yards
- $500K — top 16 in passing
Clearly, Jordan Love will not be maxing out his $24.8M extension. Additionally, he received an $8.79M signing bonus, which is split between 2023 and 2024 for cap recording purposes. His base salary is $1.01M in 2023 and $5.5M in 2024, and he has an additional $500K workout bonus in 2024.
So, we can assume the Jordan Love contract cap hit in 2024 will be between $10-15M most likely. It’s odd that Love would agree to such a deal unless he did not believe he would play well enough in 2023 to earn a large payday in 2024. This gives him security and money upfront, but much less than any mid-tier quarterback contract for 2024. The Packers will be lucky to finish above .500 in 2023.