Thursday night marks the kick-off of the 2024 NFL Draft in Detroit, where the top college football players can expect to receive a major windfall. The 32 first-round picks are estimated to sign rookie contracts worth upwards of $38 million, with the value of rookie deals decreasing as the draft progresses through the rounds. The first overall pick in the draft, acquired by the Chicago Bears through a 2023 deal with the Carolina Panthers, is expected to bring in a four-year rookie contract worth over $38.5 million. The top five picks in the draft can expect to make over $30 million in their rookie deals, while the next six picks are estimated to earn over $20 million each.
According to Spotrac, second-round picks will make slightly less than first-round picks, with the first pick of the second round estimated to receive just under $10 million, while the last selection of the round is expected to land a deal around $6.3 million. As the draft progresses, the value of contracts continues to decline, with the final pick in the seventh round, also known as “Mr. Irrelevant,” expected to receive a rookie deal just above $4 million. It is important to note that once the contracts are set, they cannot be renegotiated, amended, or altered until the players complete their final regular season game in their third year, as per the league collective bargaining agreement.
USC quarterback Caleb Williams is widely considered to be the first overall pick in the draft, although there is no guarantee that the Chicago Bears will select him, or that they will make the first overall pick at all due to the possibility of a last-minute trade. The Washington Commanders, New England Patriots, Arizona Cardinals, and Los Angeles Chargers hold the next picks in the first round and are expected to focus on bolstering their offense. Among the expected top picks are LSU wide receiver Malik Nabers, Notre Dame tackle Joe Alt, Alabama edge rusher Dallas Turner, and Michigan quarterback JJ McCarthy. The top five picks in the draft are projected to sign rookie contracts amounting to over $30 million each, with the second overall pick estimated to earn $36.8 million, and the fifth overall pick expected to receive over $32.3 million.
A key point to watch for is the uncertainty surrounding the draft as mock drafts predict various scenarios, with potential trades and unexpected picks impacting the outcome. In terms of financial figures, Pittsburgh Steelers quarterback Russell Wilson was the highest-paid player in the league between May 2022 and May 2023, earning $85 million, including $72 million on the field for the Denver Broncos and $13 million in off-field endorsements. Wilson recently signed a one-year contract with Pittsburgh for the upcoming season at the league minimum veteran salary of $1.21 million, significantly lower than other top quarterbacks like Kyler Murray and Patrick Mahomes. Overall, the 2024 NFL Draft promises significant financial rewards for top college players, with rookie contracts offering substantial sums for those selected in the first round.
