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Joe Burrow contract details Bengals make quarterback highest paid player in NFL history with extens

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Jalen Hurts, Lamar Jackson and Justin Herbert have each enjoyed brief stints this offseason as the highest-paid players in the NFL. As the 2023 regular season prepares to kick off, Bengals quarterback Joe Burrow will walk into the new campaign as the new signal-caller on top. On Thursday, Burrow reportedly agreed to a five-year, $275 million contract, supplanting Herbert's five-year, $262.5 million contract that had previously made him the highest-paid player in NFL history by average annual value. With Burrow's deal, he will average $55 million per year in AAV. The contract cements Burrow's status as the future face of the franchise in Cincinnati, where he has taken the team to new heights. Since being drafted first overall in 2020, Burrow has led the Bengals to the AFC championship in back-to-back years (first time in team history), Super Bowl 56 (third Super Bowl appearance for the team) and matched a franchise record with 12 wins in 2022. And in just three full seasons with the team, Burrow's name is already littered across the franchise's record book. He has the most (4,611) and second-most (4,475) single-season passing yards, the most (35) and second-most (34) single-season passing touchdowns and is already sixth in career passing yards (11,774) and passing touchdowns (82). His career completion percentage of 68.2 percent is the best for any qualifying quarterback in NFL history. POWER RANKINGS: Where Bengals rank among NFL's best teams for 2023 With Burrow now signed, the franchise can now turn the focus toward keeping his biggest playmakers in town. Tee Higgins is in the final year of his rookie contract and is extension eligible, while Ja'Marr Chase will all but certainly have his fifth-year option exercised next offseason, during which he will also become extension eligible. Slot receiver Tyler Boyd is also a free agent after the 2023 campaign. Here's everything you need to know about Burrow's record-setting contract. Burrow and the Bengals agreed to a five-year, $275 million contract to stay in Cincinnati as the face of the franchise, according to ESPN's Adam Schefter. Along with the record AAV of $55 million per year, Burrow also set the record for the most guaranteed money in a single contract. He will be receiving $219.01 million guaranteed in the deal. That is the second-most guaranteed money in NFL history behind only the fully guaranteed $230 million to which the Browns signed Deshaun Watson. The Bengals have been working to save money to keep money in escrow to account for the guarantees in the deal. The team became one of the last to sign away stadium naming rights when it renamed Paul Brown Stadium to Paycor Stadium. Prior to Burrow's new contract, when the cap space was accounting only for his fifth-year option that would cost $29.5 million, Cincinnati had $64.2 million in space for the 2024 season, according to Spotrac. The team might now have more space to work with after Burrow's new deal, but finding the room to keep Higgins and Chase both on long-term deals could now be more of a challenge with Burrow's contract set to get significantly larger in the later years of the extension. Burrow now moves to the top of the list of highest-paid quarterbacks in the NFL. He becomes the fifth quarterback in NFL history to exceed an average annual value of $50 million. Here's where Burrow ranks among all NFL quarterbacks in terms of average annual value.

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