We’re starting to get the full contract details for Joe Mixon, who just agreed to a four-year extension worth $48 million with the Bengals. Combined with the final year of his rookie deal this season (about $1.7 million), it comes out as a five-year contract worth about $50 million.
However, not every year is guaranteed, as Mixon’s contract reportedly includes a team option for the final year of his deal in 2024 for $9.6 million. So instead of a four-year extension for $48 million, it’s technically a three-year extension for about $38.4 million.
It also includes a $10 million signing bonus, according to NFL Network reporter Ian Rapoport.
Full details on the #Bengals deal for RB Joe Mixon’s 4-year, $48M deal:— Ian Rapoport (@RapSheet) September 1, 2020
— $10M signing bonus. $1.3M base in 2020.
— $8M base in 2021.
— $8M in 2022.
— $9.4M in 2023.
— Club option for $9.6M in 2024.
— $500K each year in playtime and $200K offseason workout bonus each year.
It’s pretty uncommon for players to have team option years in their contracts. It seemingly makes it easy for the Bengals to cut Mixon in 2024 if the team doesn’t believe he’s worth paying and/or he regresses, which happens quite often with running backs as they get into the age 26-28 range.
Mixon is currently 24 years old and doesn’t turn 28 until July of 2024. So by the time he’s currently set to be a free agent in 2025, he won’t even be 30 by the time the 2025 season begins.
In addition, Mixon’s contract has playing time and workout bonuses that could account for about $3.3 million over the life of the deal (assuming there’s no $200K offseason workout bonus this year since the regular season begins next week).
Overall, it looks like a good deal for both sides, and it won’t cripple the Bengals long-term if something goes wrong.