Rather than exercising the fifth-year option on their new starting quarterback, the Green Bay Packers opted instead to sign Jordan Love to a one-year contract extension.
According to ESPN and NFL Network, both sides agreed Tuesday to the extension, which will be worth up to $22.5 million, with $13.5 million guaranteed. Had the Packers exercised Love’s option, the quarterback would have been due $20.272 million fully guaranteed.
Love, 24, is entering his fourth season in Green Bay and his first as the team’s starter after the Packers shipped long-time fixture Aaron Rodgers, who was the longest-tenured player in franchise history, to the New York Jets. Love was set to enter the final season of his rookie contract.
NFL teams faced a 4 pm ET deadline Tuesday to make a decision on the fifth-year options of the first-round draft picks from the Class of 2020.
During a news conference over the weekend to discuss the team’s selections in the 2023 NFL draft, Packers general manager Brian Gutekunst was asked about the team’s thinking about Love’s fifth-year option.
“It’s a lot of money for a guy who hasn’t played,” Gutekunst said. “But at the same time, obviously we’re moving forward with him. So, we’ll figure that out by Tuesday.”
Love has appeared in only 10 games with just one career start. He has completed 50 of 83 passes (60.2%) for 606 yards with three touchdowns against three interceptions.
What does the Jordan Love contract extension mean for the Green Bay Packers?
The move appears, at least initially, to benefit both sides. According to Spotrac.com, Love was slated to earn $2.298 million during the 2023 season, which is well below the market rate for a starting NFL quarterback. The contract extension signed Monday likely includes several incentives and playing time bonuses that would be triggered based on the level of Love’s performance this season.
That means that Love will have the chance to prove he’s worth a long-term investment, and Green Bay will have the chance to compensate Love based on his production on the field. Still, Love does acquire some protection with the $13.5 million in guaranteed money. If Love does play well in 2023, Green Bay could then look to negotiate a long-term extension. The team would also have the franchise tag at its disposal in any negotiation.
This article originally appeared on USA TODAY: Jordan Love contract: QB, Packers reach compromise with extension