The Atlanta Falcons made one of the most controversial decisions on draft night when they selected Michael Penix Jr. with the No. 8 overall pick in the 2024 NFL Draft. But there was plenty of reason to do so when looking at him on the field.
Penix suffered from injuries throughout the majority of his prolonged collegiate career at both Indiana as well as Washington, which he took to the College Football Playoff.
After leading his team to a 14-1 season and finishing runner-up to Jayden Daniels for the Heisman Trophy, there’s plenty to be excited about surrounding the lefty gunslinger and his future in the league. Let’s take a look at Penix’s net worth, as well as his 2024 salary and contract moving forward.
Michael Penix Jr.’s 2024 Contract
Penix and the Falcons agreed on a four-year, nearly $23 million deal. This included a signing bonus of just under $13.5 million for the southpaw, which will pay him $4.16 million in 2024.
By the end of this rookie deal, he’ll have pocketed the full $22.9 million as it’s fully guaranteed, also giving him the possibility of being extended for a fifth year on the deal via the fifth-year team option.
Penix’s Net Worth
Penix’s estimated net worth is $1.2 million (as of late April). Although this is before the NFL Draft, his extensive NIL set of deals is a big reason for his millionaire status before stepping foot on the turf.
SEE MORE: PFN Life — Off-the-Field Content
Within that NIL portfolio, Penix includes some significant endorsements, including Simply Seattle, Husky Throwbacks, and Montlake Futures. His partnership with Montlake Futures is particularly intriguing, as it has been for many years, not the generic one-year NIL deal.
Penix also stepped out into the merchandise sector, as he has his own branded T-shirt that Simply Seattle is offering for $24.99 — Penix receives half of the sales. He also added Adidas to his NIL portfolio and then even took it a step further once he got drafted — before he got drafted, he secured an endorsement with Adidas, whose equipment he utilized while at Washington.
Penix is even quoted saying, “Through every up and down, the Three Stripes have remained consistent. I remember lacing them up for the unsigned Preps 7-on-7 team and going around the country earning offers in the Three Stripes.”
He went on to say Adidas has been by his side for his entire football journey “and it’s only right that [the two] continue it together.”
If Penix can get behind an offensive line that protects him and wipe off some of the concerns about an injury (while also playing a bit more conservatively in a league full of athletes), he should have no problem continuing to rack up deals and endorsements.