A lot of top wide receivers across the NFL have received lucrative contract extensions in 2024. Some teams have figured out how to pay two wideouts at a high level.
The Cincinnati Bengals, however, have managed to miff both of their starters, Ja'Marr Chase and Tee Higgins. Chase "held in" during training camp and the preseason, and Higgins, settling for playing on the franchise tag in 2024, missed the Week 1 loss to the Patriots with a hamstring injury.
Joe Burrow and the Bengals are off to another slow start after being upset by the Patriots, and he needs that duo to both be healthy and perform better to beat Patrick Mahomes and the Chiefs in Week 2. Longer-term, after locking up Burrow, the Bengals need to do their best to keep Chase and Higgins together in 2025 and beyond.
Here's looking at how much Chase and Higgins are costing the Bengals in 2024 and what it would take to make sure they're both happy and extended soon.
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Chase is still playing on his rookie deal after he got a four-year, $30.8 million all-guaranteed contract as the No. 5 overall first-round pick in 2024. At 24, he's earning $9.8 million of that this season, also representing the salary-cap hit the team is taking for him.
The Bengals have him under contract for 2025, too, after picking up his fifth-year option. He will see his salary and cap hit rise to $21.816 million should there be no extension.
Higgins was tagged by the team to avoid being an unrestricted free agent in the 2024 offseason. He was tendered for one season at an all-guaranteed $21.816 million. For now, Chase will make next year what Higgins is making this year.
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With Brandon Aiyuk getting his new contract right before the season, the 49ers joined the Dolphins and Eagles in investing the most in two wide receivers. Aiyuk and Deebo Samuel are now both paid well in San Francisco. Both Tyreek Hill and Jaylen Waddle in Miami and A.J. Brown and DeVonta Smith in Philadelphia saw new contracts in the offseason.
Here's looking at how those three teams are paying two wide receivers so well in terms of average annual salary value (AAV) guaranteed money and total value:
The numbers are close for the Dolphins and Eagles' duos, while Aiyuk, the last to sign, bumped the total contract value for the 49ers. The fact the combined guaranteed money is near-match for all three teams sets up clear parameters for how the Bengals can take care of both Chase and Higgins in the right way At the same time, there's proof the Bengals also can help their short-term salary cap situation.
After elite young contemporaries Justin Jefferson and CeeDee Lamb signed this offseason, Chase should soon head the list of highest-paid WRs in the league. Everything points to him getting around a positional-best $36 million per season next offseason. Following Jefferson's contract length, that would put Chase at four years, $144 million.
Jefferson got $110 million guaranteed with Lamb just behind at $100 million guaranteed. It would make sense based on recency and being a higher draft pick in 2021 that Chase is the first wide receiver to see $120 million guaranteed. Chase should not settle for only matching Jefferson given the natural progression of the wide receiver market. Consider that a lowball offer from the Bengals. Really, it's not crazy for Chase to even go for four years, $148 million to push his AAV to $37 million.
If Chase is making $36 million a season, Higgins would be in line to earn a little less than that. Based on his production and the market for such No. 2 wideouts behind elite No. 1s -- and that he's already earning $21-plus million on the franchise tag this season -- Higgins' floor will be $25 million a season. Based on the projected cap increase, he can go up to $28 million. His guaranteed money should then be north of $80 million.
Through all that, the Bengals are looking at investing $65 million per season with $200 million guaranteed to their two wide receivers, making them 2-3 in salary on their team behind Burrow.
They can make it work with the cap like those other teams, but now they just need to be prepared to be hit with two contract whoopers at the same time if they want to keep the duo. If not, expect Higgins to be elsewhere next season.