MW Here's how much money the top 2024 NFL draft picks will earn on their rookie contracts
By Weston Blasi
Dropping a few spots can cost players millions. In 2023, Kentucky quarterback prospect Will Levis was selected much later than expected, and lost out on tens of millions of dollars.
A group of 32 football players will join the NFL as the league holds the first round of its annual draft on Thursday night at 8 p.m. Eastern.
Former University of Southern California star quarterback Caleb Williams is widely expected to be the No. 1 overall pick in the draft, but there's little consensus on who the other top picks will be - there are several quarterback prospects rumored to be selected in the first round in 2024, something that typically leads to increased interest and trade possibilities.
See also: Why the NFL draft is one of the only sports events where bettors often beat sportsbooks
The order a player is selected isn't just important for bragging rights among players, it's vitally important in determining how much money he will earn on his rookie contract.
That's because of the NFL's rookie wage scale, which assigns dollar amounts to specific draft slots. The higher a player is drafted, the more lucrative his overall contract and signing bonus are.
Therefore, dropping a few spots during the draft can cost players millions of dollars on their rookie contracts. Last year, for example, Kentucky quarterback prospect Will Levis was one of the odds-on favorites to be selected No. 2 overall, a draft slot where he would have made $36.2 million on his four-year rookie contract. But on draft night, Levis fell to the second round (No. 33 overall), where his rookie contract was worth "only" $9.5 million.
Each player selected in the first round will get a four-year contract, with a fifth-year club option, plus a signing bonus. The base salary and signing bonus are fully guaranteed, while other aspects of the contract such as roster bonuses are not.
Here are the estimated contracts and signing bonuses for the first round selections of the 2024 NFL draft, according to contract monitoring site Spotrac.
No. 1: $38.54 million total, $24.8 million signing bonus
No. 2: $36.85 million total, $23.6 million signing bonus
No. 3: $35.77 million total, $22.8 million signing bonus
No. 4: $34.54 million total, $21.9 million signing bonus
No. 5: $32.39 million total, $20.3 million signing bonus
No. 6: $28.54 million total, $17.5 million signing bonus
No. 7: $25.46 million total, $15.3 million signing bonus
No. 8: $22.38 million total, $13 million signing bonus
No. 9: $22.23 million total, $12.9 million signing bonus
No. 10: $21.38 million total, $12.3 million signing bonus
No. 11: $20.08 million total, $11.4 million signing bonus
No. 12: $18.23 million total, $10 million signing bonus
No. 13: $17.77 million total, $9.7 million signing bonus
No. 14: $17 million total, $9.1 million signing bonus
No. 15: $16.69 million total, $8.9 million signing bonus
No. 16: $15.77 million total, $8.2 million signing bonus
No. 17: $15.46 million total, $8 million signing bonus
No. 18: $15.08 million total, $7.7 million signing bonus
No. 19: $14.84 million total, $7.6 million signing bonus
No. 20: $14.77 million total, $7.5 million signing bonus
No. 21: $14.69 million total, $7.5 million signing bonus
No. 22: $14.54 million total, $7.3 million signing bonus
No. 23: $14.38 million total, $7.2 million signing bonus
No. 24: $14.08 million total, $7 million signing bonus
No. 25: $14 million total, $6.9 million signing bonus
No. 26: $13.77 million total, $6.8 million signing bonus
No. 27: $13.61 million total, $6.7 million signing bonus
No. 28: $13.54 million total, $6.6 million signing bonus
No. 29: $12.92 million total, $6.2 million signing bonus
No. 30: $12.59 million total, $5.9 million signing bonus
No. 31: $12.32 million total, $5.7 million signing bonus
No. 32: $12.14 million total, $5.6 million signing bonus
Rounds two to seven of the NFL draft will continue over the weekend and will air on ESPN, ABC $(DIS)$ and the NFL Network.
Read on: How DraftKings figured out NBA player Jontay Porter was betting on games
-Weston Blasi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 25, 2024 16:40 ET (20:40 GMT)
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