How Much Is Jordan Love’s Contract? A Look at the Packers QB’s Salary, Incentives, Bonuses, and More

Jordan Love signed one of the NFL's most unique contracts in 2023. What does the Packers QB's deal look like, and is he in line for an extension?

Jordan Love didn’t receive a full-time opportunity with the Green Bay Packers until his fourth NFL season, but he’s made the most of his chance under center. After sitting behind Aaron Rodgers for three years, Love exploded down the stretch of the 2023 campaign, ultimately finishing second in the league with 32 passing touchdowns.

Love and the Packers agreed to one of the NFL’s most unique contracts heading into last season, avoiding his fifth-year option altogether in favor of a one-year extension through 2024. What does Love’s deal look like, and when will he sign his next pact with Green Bay?

Jordan Love’s Contract Details

Love had made one start and attempted 83 passes entering the 2023 NFL season. The Packers, who traded up to select the Utah State product with the 26th overall pick in the 2020 NFL Draft, had high hopes that Love could be Rodgers’ long-term successor but wanted to hedge its contractual bets.

Green Bay faced a decision point on Love last May. The Packers could have exercised the fifth-year option attached to his rookie contract, locking in Love for 2024 with a fully guaranteed $20.27 million base salary. Had they declined, Love would have been a pending free agent in a few months and a likely candidate for the franchise tag.

Instead, Green Bay circumvented the fifth-year option with a one-year extension. Love’s new deal had a $13.5 million base value, contained $13 million fully guaranteed, and has void years from 2025 through 2027 to help spread out his $8.79 million signing bonus.

The contract also includes $9 million worth of 2024 salary escalators, which will increase his Love’s earnings next season. He’s already locked in more than half of his available escalators:

  • 65% playtime: $500,000
  • 65% playtime + playoff berth: $500,000
  • 65% playtime + playoff win: $500,000
  • 65% playtime + top 16 in passing yards: $500,000
  • 65% playtime + top 16 in passing TDs: $500,000
  • 65% playtime + top 16 in passer rating: $500,000
  • Top 10 in passing yards: $500,000
  • Top 10 in passing TDs: $500,000
  • 65% playtime + 10 regular-season wins OR playoff berth OR top 10 in passing TDs and passer rating: $1 million

Love will collect an additional $1 million in 2024 if the Packers win this year’s NFC Championship Game and a further $1 million if they capture the Super Bowl trophy.

Love’s initial 2024 base salary was $5.5 million, but his escalators have already increased that figure to $10.5 million. Add $1.76 million in signing bonus proration and a $500,000 workout bonus, and Love’s 2024 salary cap charge is $12.76 million, pending his outstanding escalators.

Will the Green Bay Packers Extend Love?

Love and his agent undoubtedly left money on the table by accepting that revised contract instead of calling Green Bay’s bluff and forcing the Packers to decline his fifth-year option.

Imagine if Love was scheduled to reach the open market in March. He’s still only 25 years old, looked like a back-end MVP candidate down the stretch, and finished the season fifth among quarterbacks in EPA per play and ninth in QBR.

Green Bay would have had no choice but to extend Love or assign him the franchise tag, expected to be valued at nearly $36 million for signal-callers. Instead, Love will earn less than half that amount to play for the Packers in 2024.

Of course, any lost income might be for naught if Love earns another extension this summer. Ian Rapoport of NFL Network reported last week that the Packers and Love’s representation plan to have a “serious conversation” about a new contract before the 2024 campaign begins.

Love’s last deal will affect the timing of a fresh pact. NFL contracts cannot be altered twice within one year, so the Packers must wait until after May 3 — the date of Love’s 2023 agreement — to give their QB another extension.

Green Bay will hold the upper hand in negotiations. The club already controls Love’s contractual rights through 2024 and could theoretically franchise tag him in 2025 and 2026 without thinking twice.

But elite quarterbacks usually reset the market when they receive new deals, and Love’s production at least puts him in the “elite” conversation. As such, it might not be out of the question for Love to eclipse Joe Burrow ($55 million) as the NFL’s highest-paid quarterback, while any offer under $50 million annually probably shouldn’t interest the Packers’ starter.

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