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Inside the Ed Oliver deal

Mike Florio and Chris Simms outline why it makes sense for Bills DT Ed Oliver to agree to a four-year contract extension when he did rather than waiting and trying to get more money.

Some have expressed confusion as to why the Bills picked early June to re-sign a defensive tackle who was under contract for another year. Well, if he’s willing to take the number that the Bills put on the table, why not do the deal?

We’ve secured the full details of the offer Ed Oliver took over the weekend. They appear below, courtesy of a source with knowledge of the terms.

1. Signing bonus: $14.75 million.

2. 2023 base salary: $2.028 million, fully guaranteed.

3. 2024 base salary: $14.75 million, $7.75 million of which is fully guaranteed at signing and $7 million of which is guaranteed for injury but becomes fully guaranteed on the first day of the 2024 waiver period.

4. 2024 option bonus: $12.5 million, which on exercise reduces the 2024 base salary to $2.25 million.

5. 2025 base salary: $13.75 million, $8.25 million of which becomes fully guaranteed on the fifth day of the 2024 league year and $5.5 million of which becomes fully guaranteed on the fifth day of the 2025 league year.

6. 2026 base salary: $14.125 million.

7. 2025 offseason roster bonus: $1.25 million.

8. 2027 base salary: $14.4 million.

9. 2024-27 workout bonuses: $500,000 per year.

10. 2024-27 per-game roster bonuses: $425,000 per year.

11. 2023 incentives: $500,000.

12. 2024-27 incentives: $750,000 per year.

The four-year, $68 million extension has $24.528 million fully guaranteed at signing. Another $7 million becomes fully guaranteed in February 2024. Another $8.25 million becomes fully guaranteed in March 2024. The final $5.5 million becomes fully guaranteed in March 2025.

The Bills could dump Oliver after one year and $16.778 million, with $7 million in guarantees for 2024 that would be subject to offset based on earnings elsewhere. They can dump him after two years and $32.453 million, with $8.25 million for 2025 subject to offset.

The deal omitted the 17th game check for Oliver’s 2023 fifth-year option salary, which pulls the new-money average below $17 million.

He could have made $11.385 million in 2023 and then hit free agency, or possibly been franchise tagged. He gets at least $16.778 million from the Bills and another $7.75 million from the Bills or someone else.

Bottom line? Oliver took a pretty good bird in the hand, shifting injury risk to the team and welcoming the possibility that the team will decide to move on after one, two, or three years.