Jordan Love’s new contract extension with the Green Bay Packers includes an $8.8 million signing bonus, $15.3 million in guarantees and the possibility of making $24.8 million total between 2023 and 2024, according to numbers reported by Albert Breer of SI.com.
The Packers dropped Love’s base salary in 2023 to the minimum but made it fully guaranteed while also giving him money upfront via the signing bonus, providing a raise of over $7 million this year. His base salary of $5.5 million in 2024 is also guaranteed, and $9 million in 2024 is available through escalators based on 2023 performance (both individual and team).
The compromise: Love gets considerably more guaranteed money in 2023, some guaranteed money in 2024 and the chance to outperform the value of the fifth-year option through escalators, while the Packers better split the cap hits between 2023 and 2024, reduce the overall guaranteed money and reduce the risk while providing a financially responsible way to evaluate a first-year starting quarterback over a two-year span.
A unique situation required a unique solution. Love has started one game and thrown only 83 passes while backing up future Hall of Fame quarterback Aaron Rodgers for three seasons. The Packers didn’t want to guarantee over $20 million and spike Love’s cap hit in 2024, making a short-term extension the preferrable option. In return, Love got an immediate raise, guaranteed money each of the next two seasons and the chance to drastically improve his compensation through performance. If he’s good in 2023, Love and the Packers will likely be talking about a massive, long-term extension come this time next year.
Here are the $9 million worth of escalators, via Breer:
Here are the escalators—maxing out at $9 million—on Packers QB Jordan Love's 1-year extension. These are for 2023 only, and anything he earns below will be added to his base salary for 2024.
Pretty fair deal, all the way around. https://t.co/ohZ9kNl1O9 pic.twitter.com/JWfYhLxIOG
— Albert Breer (@AlbertBreer) May 4, 2023
