Another week and another quarterback received a record-setting contract with the recent player being Trevor Lawrence, who signed a five-year deal worth $275 million. This means for the Buffalo Bills that the contract they agreed to with Josh Allen in 2021, a six-year deal worth $258 million, continues to look more and more like a bargain.
Entering the 2024 season, Josh Allen has the 11th highest average salary among quarterbacks at $43 million per season. He probably only is going to drop even further down the list with players like Dak Prescott, Tua Tagovailoa, Jordan Love, and even Brock Purdy could have new contracts by this time next year.
For a quarterback, who is arguably Top 5 at his position, to fall out of the Top 15 in terms of salary is really remarkable. While Josh Allen is under contract through the 2028 season, the Bills may not be able to wait that long to work out a new contract.
When could the Buffalo Bills potentially agree to a new contract with Josh Allen?
The answer to that question is sooner rather than later and possibly as early as next offseason. Over the past few seasons, the Bills have been able to restructure Allen's deal by converting the salary into a signing bonus and then spreading those dollars over the length of the contract.
In 2025, Allen has a cap hit over $60 million and is accounting for over 22% of the projected salary cap, according to Spotrac. However, the team could work out a new contract that maybe only adds a year or two, keeping him under contract through 2030 when he will be 34 years old, but significantly lower that cap hit next offseason.
It is a move that makes sense where it could benefit the team, with needed cap space, but also pay Josh Allen like the Top 5 quarterback he is.