Contract extensions for young players cannot be negotiated until after their third season in the league. That means the discussion for Chicago Bears quarterback Caleb Williams won’t get serious until after 2026. However, it isn’t a secret that general manager Ryan Poles is already making plans for that eventuality. Anybody who watched last season and all the things Williams did can tell he is the future of this franchise. Getting him locked up as quickly as possible makes sense, especially with how quarterback contracts continue ballooning.
What nobody knows is what that deal will look like. It is a safe assumption that Williams will get top-of-the-market money. What isn’t certain is where the market will be when that happens. League insider James Palmer of Bleacher Report has a strong idea on that. He believes the recent extension of Patrick Mahomes in Kansas City, putting him at $64 million per year, has reset the market. Now it’s likely several notable names will get deals similar to or above that market. Lamar Jackson, a two-time MVP, could even push $70 million.
Combine that with the rising salary cap, and it is likely Williams and his fellow 2024 draft alum are looking at $60 million per year or more.
Caleb Williams himself will determine this the most.
Presuming he has another strong year, even improving on what he did last season, there is no doubt the Bears will be willing to pay. The question will be if Williams wants to exceed Mahomes and become the highest-paid guy in the sport. Given his business ventures, it isn’t difficult to imagine that is what he might shoot for. He’s within his rights to do that. The trick will be whether the Bears can convince him to take a slight discount, leaving them some flexibility to continue building the roster around him.
🔥 Subscribe to the Untold Chicago YouTube channel to hear Chicago legends tell stories you’ve never seen in headlines — real moments, real experiences, straight from the athletes themselves.
Tom Brady did this throughout his career in New England. He rarely ranked higher than 10th in the NFL during most of his playing years, sacrificing an estimated $60 million in earnings. That enabled the Patriots to hunt for prominent free agents and trade acquisitions to supplement the roster. Hence, the seven Super Bowl rings. Williams probably won’t go that far, but perhaps he might be willing to settle for top five in the NFL. That will be an interesting part of the negotiations.
Two names must be monitored for the next several months.
Those are Jackson and Baker Mayfield. Jackson carries an $84 million cap hit in 2027, so it’s a foregone conclusion that the Baltimore Ravens will look to extend him to reduce that number. Mayfield, meanwhile, has only one year left on his current deal with the Tampa Bay Buccaneers. He’s made two Pro Bowls over the past three seasons with the team. There is little chance they will let him walk next spring, so it will come down to what the two sides can work out as fair compensation. He made $33 million per year over his last contract, so he’s likely to chase a big payday.
If Jackson resets the market again, as Palmer mentioned, there is a realistic possibility Caleb Williams will command anywhere from $60-65 million per year. Much depends on whether he reaches some career milestones. Making the Pro Bowl or winning the Super Bowl would give him substantial leverage in any talks. There are several variables the Bears will have to sort through before an agreement is reached. They haven’t negotiated a massive quarterback contract since Jay Cutler in the early 2010s. Things have changed a lot since then.
