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Examining the Salary Cap Implications of the Bears' Rookie Signings

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Vince Carbonneau
May 9, 2024  (1:27 PM)
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Rome Odunze in college
Photo credit: BearsWire

The Chicago Bears selected quarterback Caleb Williams first overall in the 2024 NFL Draft, putting him in line for a substantial payday. According to Spotrac projections, Williams is expected to sign a four-year contract worth roughly $39 million. This deal averages an annual value of $9.8 million, including a signing bonus of around $25.5 million.

Like other first-round picks, Williams will receive a four-year contract with a fifth-year option. Players drafted in the second through seventh rounds will also secure four-year deals, while undrafted rookies will receive three-year contracts. The NFL Collective Bargaining Agreement (CBA) prescribes these terms, providing little room for negotiation, as rookie contracts are "fixed" and "unalterable."

**Projected Rookie Contracts:**- **Rome Odunze (#9 overall):** Four-year deal (with an option) worth $22.7 million with a $13.3 million signing bonus, averaging $5.6 million annually.- **Kiran Amegadjie (#75 overall):** Four-year contract worth $5.9 million, averaging $1.4 million per year.- **Tory Taylor (#122 overall):** Four-year deal worth $4.7 million, averaging $1.1 million per year.- **Austin Booker (#144 overall):** Four-year deal worth $4.3 million, averaging $1 million per year.

**Chicago Bears Cap Space Breakdown:**

The Bears currently have $22.7 million in salary cap space. After signing their draft picks, this figure will diminish significantly, without accounting for any undrafted free agents. The minimum rookie salary is now $795,000 per year, up from $750,000 in 2023. This figure has already been included in the cap space allocated for draftees.

| Player | Contract Value | Annual Salary | Base Salary | 2024 Cap Hit ||------------------|----------------|---------------|-------------|---------------|| **Caleb Williams** | $39,486,058 | $9,871,515 | $795,000 | $9,076,515 || **Rome Odunze** | $22,724,300 | $5,681,125 | $795,000 | $4,886,125 || **Kiran Amegadjie** | $5,914,322 | $1,478,580 | $795,000 | $683,581 || **Tory Taylor** | $4,767,900 | $1,191,975 | $795,000 | $583,975 || **Austin Booker** | $4,369,140 | $1,091,935 | $795,000 | $299,805 || **Total** | **$77,261,720**| **$19,314,130**| **$3,975,000**| **$15,340,480**|

The three largest salary cap hits facing Chicago in the 2024 season include Montez Sweat ($25 million), Keenan Allen ($23 million), and Tremaine Edwards ($22.4 million). Additional extensions for Jaylon Johnson and Cole Kmet follow in the $11�$16 million range. Overall, the Bears rank 12th in total salary cap space in the league, with New England leading at a staggering $50.6 million.

Remaining cap space must account for unforeseen season expenses, such as injury replacements or contract extensions. For instance, signing Ryan Tannehill could add an $8 million cap hit. If the Bears opt for Tannehill as a backup, they would struggle to afford his full salary, reducing their flexibility in other areas. The Bears can manage this limitation by restructuring contracts or releasing highly paid veterans.

Moreover, names like Yannick Ngakoue, Jonathan Allen, Calais Campbell, and Linval Joseph have surfaced in defensive lineman rumors. Given their tight cap space, the Bears will need to strategically structure contracts.

Maneuvering the NFL salary cap is an art. If the Bears aim to retain their core, they must be strategic in managing contracts and maintaining top talent satisfaction. Efficient cap management involves tough decisions on veteran contracts and future drafts. Wide receiver commitments loom large, with Allen and Moore accounting for $39.5 million combined in cap hits next season, while Odunze's new contract will add more pressure.

General Manager Ryan Poles recently expressed reluctance to extend Allen, highlighting the need for strategic cap management to retain flexibility. NFL salary caps are expected to rise due to talent salaries, necessitating a proactive and vigilant approach. Success in the NFL requires not just acquiring players, but managing the cap for depth across the roster.

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Examining the Salary Cap Implications of the Bears' Rookie Signings

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