The 2024 NFL season is well underway, and the financial landscape of the league has seen some seismic shifts, with players securing record-breaking contracts that set new benchmarks for earnings. At the forefront is Dallas Cowboys quarterback Dak Prescott, whose monumental deal makes him the highest-paid player in NFL history. Let’s take a closer look at the five top-earning NFL players of 2024 and the staggering figures associated with their contracts.
NFL Salary Cap Hits New Heights in 2024
The NFL salary cap, which dictates how much teams can spend on player salaries each season, has reached unprecedented levels in 2024. This year’s cap is set at $255.4 million per team, marking an increase of over $30 million from the previous year and the largest year-over-year jump since the cap's introduction in 1994. This surge reflects the league’s ever-growing revenue streams and the rising demand for top-tier talent.
In addition to the base salary cap, total player costs—which encompass performance-based pay and benefits for retired players—are capped at $329.4 million per team. With 32 teams in the league, this equates to a total of more than $10.5 billion allocated for player compensation in 2024 alone.
1. Dak Prescott: $60 Million Per Year
Dallas Cowboys quarterback Dak Prescott tops the list of highest-paid players in NFL history. In 2024, Prescott signed a massive four-year contract extension worth $240 million, with an average annual salary of $60 million. This deal, finalized just before the Cowboys’ season-opening win against the Cleveland Browns on September 8, includes $231 million in guaranteed money and an $80 million signing bonus.
Prescott’s record-breaking contract not only cements his status as the NFL’s highest-paid player, but it also underscores his value to the Cowboys franchise. Off the field, Prescott has become a marketing powerhouse, securing lucrative endorsement deals with major brands like AT&T, Nike, PepsiCo, and Sleep Number. These partnerships contribute millions more to his overall earnings.
2. Jordan Love: $55 Million Per Year
Green Bay Packers quarterback Jordan Love ranks second on the list with an average annual salary of $55 million. Love, who served as Aaron Rodgers’ backup for his first three seasons, signed a four-year, $220 million contract extension in July 2024. His impressive debut as Green Bay’s starting quarterback last season positioned him as a rising star in the league.
Unfortunately, Love suffered a knee injury during the Packers’ season-opening loss to the Philadelphia Eagles, which has sidelined him since. Despite the setback, Love’s contract remains a testament to the confidence the Packers have in him as their franchise quarterback. Off the field, Love has secured endorsements with companies like Bose and Old Spice, further boosting his income.
3. Trevor Lawrence: $55 Million Per Year
Jacksonville Jaguars quarterback Trevor Lawrence shares the second spot with Love, also earning an average of $55 million per year. In June 2024, Lawrence signed a five-year, $275 million contract extension, including $200 million in guaranteed money. This deal reflects Lawrence’s rapid rise to prominence after being selected as the No. 1 overall pick in the 2021 NFL Draft.
Lawrence, who led Clemson to a national championship as a freshman in 2018, has quickly become one of the NFL’s brightest young talents. His impressive performance as Jacksonville’s starting quarterback, combined with his marketability, has led to endorsement deals with major brands like Gatorade, Ritz Crackers, Bose, and luxury watchmaker Breitling.
4. Joe Burrow: $55 Million Per Year
Cincinnati Bengals quarterback Joe Burrow joins Love and Lawrence with a five-year, $275 million contract that nets him an average of $55 million annually. Burrow, the No. 1 overall pick in the 2020 NFL Draft, led LSU to a national championship and won the Heisman Trophy as college football’s best player in 2019. His stellar NFL career, highlighted by his leadership and precision, has earned him this substantial extension.
Burrow’s off-field appeal matches his on-field success. He has secured endorsements with a variety of brands, including Cash App, Buffalo Wild Wings, Guinness, and Coca-Cola’s BodyArmor Sports Drink. These deals have made Burrow not only one of the highest-paid players in the league but also one of the most marketable.
5. Tua Tagovailoa: $53.1 Million Per Year
Rounding out the top five is Miami Dolphins quarterback Tua Tagovailoa, who signed a four-year, $212.4 million contract extension in July 2024. Tagovailoa’s deal, which includes $167.1 million in guaranteed money, brings his average annual salary to $53.1 million. This contract comes after Tagovailoa led the NFL in passing yardage during the 2023 season.
However, Tagovailoa’s career has been plagued by injuries, and he was placed on injured reserve after suffering his third documented concussion during the Dolphins’ second game of the 2024 season. Despite the uncertainty surrounding his future in the NFL, the guaranteed money in his contract ensures financial security. Tagovailoa’s endorsement portfolio includes deals with Adidas, Bose, Muscle Milk, and Wingstop, adding millions to his income.
The Financial Impact of Record NFL Contracts
These massive contracts highlight the NFL’s growing financial power and the league’s willingness to invest heavily in its marquee players. Quarterbacks, in particular, continue to command the highest salaries in the league, a trend that shows no signs of slowing down. As the salary cap continues to rise, so too will the contracts for elite players, with more records likely to be broken in the coming years.
For the players themselves, these deals offer not only financial security but also a platform to expand their personal brands through endorsement deals and business ventures. Dak Prescott, for example, has leveraged his position as the NFL’s highest-paid player into a successful portfolio of endorsements that enhance his marketability off the field.
A Look Ahead: The Future of NFL Salaries
As the NFL continues to thrive, driven by record-breaking television deals and growing global popularity, the league’s salary cap is expected to keep rising. This means that players like Prescott, Love, Lawrence, Burrow, and Tagovailoa may not hold their top-earning spots for long. Future superstars will likely sign even larger contracts as the league’s revenue grows, pushing the boundaries of what NFL players can earn.
Moreover, as the league expands its international reach, particularly with games being held in places like London, Mexico City, and even Brazil, the NFL’s financial ecosystem will only become more robust. The demand for star players will grow, and so too will the need for teams to secure these players with eye-popping contracts.
In conclusion, the 2024 NFL season is not only showcasing incredible on-field talent but also highlighting the financial prowess of the league. With record-breaking contracts, rising salary caps, and an ever-expanding global audience, the NFL’s economic landscape is poised for continued growth, with its top players reaping the rewards of this unprecedented success.