When it comes to paying star players, it never pays to wait.
The Cowboys learned that lesson (again) on Monday, when the market for the receiver position moved from $40 million per year to $42.15 million per year, thanks to the new contract signed by Seahawks receiver Jaxon Smith-Njigba.
That’s particularly relevant to Cowboys receiver George Pickens, whose path to free agency was blocked by the franchise tag. He’ll make $27.298 million without a long-term contract. And his desire to get a long-term deal will only become stronger, now that two other receivers have made it to the $40 million threshold.
The Cowboys and Pickens have until July 15 to get a multi-year deal signed. There has been no indication that any negotiations have begun. The Cowboys will likely push it to the deadline, while also lamenting Pickens’s absence from the offseason program.
Regardless, the price will keep going up. The Rams likely will be signing receiver Puka Nacua to a new deal, sooner than later. He’ll quite possibly be the next player to get to $40 million per year. That will make Pickens even more determined to get there.
No, delays never help get deals done. Especially since the Cowboys may have been able to get Pickens signed during the 2025 season for something less than $40 million per year.
Still, it’s on brand. They take too long to pay their stars. They did it with Dak Prescott. They did it with Ezekiel Elliott. They did it with CeeDee Lamb. They did it with Micah Parsons — and it blew up on them.
What will happen with Pickens? That’s largely up to the Cowboys. But the market is the market, and the market has once again changed. If the Cowboys truly want to keep him, they need to dig deep. If they keep dragging their feet, they’ll eventually need to dig ever deeper.
Seahawks Clips
Jake Bobo will not be headed to a different team in 2026.
Per Field Yates of ESPN, the Seahawks have decided to match the offer sheet Bobo signed with the Jaguars as a restricted free agent.
Tom Pelissero of NFL Media reports the new contract is for two years and worth $5.5 million, with $4.5 million guaranteed. Additionally, Bobo will receive a $1.75 million signing bonus and can earn up to $7 million with incentives.
Bobo, 27, has been with Seattle since signing with the club as an undrafted free agent in 2023. He appeared in all 17 games in each of his first two seasons while playing 11 in 2025. He caught just two passes for 20 yards in the regular season, but also had two receptions for 33 yards with a touchdown in three postseason games, helping the Seahawks win Super Bowl LX.
Seattle had tendered Bobo at the original-round level, meaning he would have made $3.52 million on a one-year deal. But Jacksonville’s offer now means Bobo is set to be back with the Seahawks through 2027.
The Seahawks have re-signed another member of their Super Bowl LX champions.
The team announced that they have reached agreement on a new deal with long snapper Chris Stoll. Kicker Jason Myers and punter Michael Dickson will also return to the team after helping Seattle to the second championship in franchise history.
“That definitely means the world,” Stoll said, via the team’s website. “Us three had a great year together. I think Jay My should have been an All-Pro and Pro Bowler, that’s just my opinion. Same thing with Dicko. We all had a great year. [I’m] hopeful to continue that [this] year.”
Stoll signed with the Seahawks after going undrafted in 2023. He has played in every game over the last three seasons.
Last week ended with the Seahawks picking up the fifth-year option on receiver Jaxon Smith-Njigba’s rookie contract. This week began with Smith-Njigba getting his second contract.
The four-year extension has a new-money average of $42.15 million, pushing the bar for receivers up from the $40 million annual average set last year by Bengals receiver Ja’Marr Chase.
Here are the full details of the Smith-Njigba contract, per a source with knowledge of the terms:
1. Signing bonus: $35 million.
2. 2026 base salary: $1.250 million, fully guaranteed.
3. 2026 workout bonus: $250,000, fully guaranteed but must be earned.
4. 2027 option bonus: $30 million, fully guaranteed.
5. 2027 base salary: $1.530996 million, fully guaranteed.
6. 2027 workout bonus: $250,000, fully guaranteed but must be earned.
7. 2027 per-game roster bonus: $850,000 total, fully guaranteed but must be earned.
8. 2028 base salary: $18.837 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period.
9. 2028 workout bonus: $250,000, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period.
10. 2028 per-game roster bonus: $850,000 total, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period.
11. 2029 option bonus: $10 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period.
12. 2029 base salary: $19.9 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period.
13. 2029 workout bonus: $250,000, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period.
14. 2029 per-game roster bonus: $850,000 total, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period.
15. 2030 base salary: $32.2 million.
16. 2030 workout bonus: $250,000.
17. 2030 per-game roster bonus: $850,000 total.
18. 2031 offseason roster bonus: $3 million, due on the fifth day of the 2031 league year.
19. 2031 base salary: $37.7 million.
20. 2031 workout bonus: $250,000.
21. 2031 per-game roster bonus: $850,000 total.
It’s a total payout over six years of $195.167996 million, which works out to an average annual value from signing of $32.527 million. Factoring in the $26.567996 that was due to be paid under the prior two years of the contract, it’s a new-money average of $42.15 million.
The full guarantee at signing is $69.13 million, with $120.067 million guaranteed for injury at signing.
The contract pays out $36.25 million in 2026, with another $32.63 million paid in 2027. Adding in the $19.937 million to be paid in 2028, and JSN will have $88.817 million over three years. That technically gives him $62.24 million in the first new year of the deal.
The non-guaranteed years fall well under the new-money average; they’re not fluff years aimed at driving up the APY.
Yes, the four-year extension puts him under contract for six years. But the trend for high-end receivers is a four-year extension. Smith-Njigba got his without having to carry the injury risk through his fourth NFL season — and without playing for only $2.715 million in 2026.
That’s the hidden benefit for teams that delay signing a first-round pick until after the fourth year of his rookie contract. The team gets the player’s services in the fourth season for peanuts, and the money lost by not doing an extension before year four will never be recovered.
The right outcome for any first-round pick who has proven himself in three years is to get the contract before the fourth year begins. Other receivers (like Chase and Justin Jefferson) had to wait four years. JSN got his after three.
So far, Jaxon Smith-Njigba is having a great 2026.
According to multiple Monday morning reports, Smith-Njigba and the Seahawks have agreed to a four-year extension, keeping him under contract with the club through 2031.
The initial reports indicate Smitn-Njigba’s deal is worth $168.6 million, making him the league’s highest-paid receiver on an average annual basis at $42.15 million.
Seattle recently exercised Smith-Njigba’s fifth-year option.
The No. 20 pick of the 2023 draft, Smith-Njigba was named 2025 AP offensive player of the year after catching 119 passes for a league-leading 1,793 yards with 10 touchdowns in 2025. He was also a first-team All-Pro honoree and a Pro Bowler for the second time.
In the postseason, Smith-Njigba caught 17 passes for 199 yards with two touchdowns, helping the Seahawks win Super Bowl LX.
The wideout has appeared in all 51 regular-season games for which he’s been eligible, catching 282 passes for 3,551 yards with 20 touchdowns.
Fifth-year option season has officially begun.
The Seahawks have announced that they have officially exercised the 2027 options on the first-round contracts signed in 2023 by receiver Jaxon Smith-Njigba and cornerback Devon Witherspoon.
Smith-Njigba, the 20th overall pick in 2023 and the 2025 NFL offensive player of the year, now has a fully-guaranteed salary of $23.852 million for 2027. Witherspoon, taken fifth overall, will make $21.161 million in 2027.
Both will be seeking new contracts, sooner than later. The fifth-year option gives them protection in the event of a fluke injury in the early portions of the 2026 offseason program, since the deadline for exercising the option doesn’t arrive until May 1.
Smith-Njigba has said he believes he should be the highest-paid receiver in the NFL. That would require an extension with a new-money average in excess of $40 million. To get Smith-Njigba to a new-money APY of $41 million, the Seahawks would need to sign him to a five-year, $148.4 million contract. That would equate to a total average from signing of $29.68 million, given what he’s due to earn over the next two seasons.
Regardless of the timing for their second deals, it’s no surprise that the Seahawks plan to keep Smith-Njigba and Witherspoon. In the coming weeks, other teams will be exercising the fifth-year options on 2023 first-round draft picks who have performed well enough in their first three seasons to justify it.
There were only 31 first-round picks in 2023. The Dolphins lost theirs as punishment for tampering with Tom Brady and Sean Payton.
Jake Bobo may be on the move.
The Seahawks’ restricted free agent is signing an offer sheet with the Jaguars, according to ESPN’s Field Yates.
The details of the offer were not disclosed.
Seattle has five days to match the offer.
Bobo, who turns 28 in August, entered the league in 2023 as an underrated free agent with Seattle. He’s appeared in 45 games with three starts in his career, catching 34 passes for 323 yards with three touchdowns. However, he had just two catches for 20 yards in 2025.
Seattle tendered Bobo at the original-round level. That means he would make $3.52 million on a one-year deal with the Seahawks. But if the Seahawks decline to match the offer from the Jaguars, Seattle will not receive any draft pick compensation.
Former Seahawks offensive coordinator Shane Waldron is the Jags’ passing game coordinator, giving Bobo familiarity with some of Jacksonville’s staff.
Safety Coby Bryant’s last game came as a member of the Seahawks and he’d be happy if his next one featured the Seahawks as his opponent.
Bryant signed with the Bears this month after helping the Seahawks win Super Bowl LX in Santa Clara in February. The Seahawks will be celebrating that win when they open the 2026 season at home in early September and Chicago is one of the teams on their home schedule this year.
During an appearance on Up & Adams, Bryant said that being in the house for that celebration would suit him fine.
“I wouldn’t mind starting the season off out there, honestly,” Bryant said. “Weather will be nice. The whole world will be watching.”
The Bears nearly made it to the NFC Championship Game in Seattle during the playoffs and a win over the defending champs in Week 1 would be a good way to kick off their bid to make it even further this time around.
Some Seahawks fans are worried about what their team is going to do at running back this season. Seahawks General Manager John Schneider is not.
With Super Bowl MVP Kenneth Walker gone to Kansas City and Zach Charbonnet likely not ready for the start of the season, Schneider was asked what the Seahawks are going to do at running back. He answered that running backs can be found elsewhere.
“That’s a position that you can find guys,” Schneider said on Seattle Sports.
Schneider also defended the depth already on the roster, noting that Cam Akers and George Holani can compete for more playing time, and Emmanuel Wilson was signed from the Packers in free agency.
“Cam, outstanding and everyone is really excited for him,” Schneider said. “George did a great job and we’re really excited about Emmanuel Wilson, who we got from Green Bay.”
Schneider said he understands why fans are concerned, but that Charbonnet is making progress recovering from the ACL tear he suffered in January and that Kenny McIntosh is still on the roster after contributing in 2024 but missing all of 2025 with a torn ACL in training camp.
“At this time of year I get it, but Charb is doing great, Kenny McIntosh had a great season and it was just an awful injury for him,” Schneider said. “But I get it. It’s a position, we know where we’re at right now.”
Last night, upon learning that the Rams have withdrawn two different rule proposals arising from the Seahawks’ crazy Week 16 two-point play, we asked the Rams if they had any comment on the development. They did not.
On Thursday morning, Rams president Kevin Demoff did.
“Withdrawn but not forgotten in today’s NFL you can pick up a ball after a play is whistled incomplete, turn around with it and walk back towards midfield and four minutes later have it count for two points,” Demoff tweeted.
The rule that granted the Seahawks two points after a backward pass was deflected past the line of scrimmage and recovered casually by running back Zach Charbonnet isn’t new. But it very rarely happens.
Making the situation worse (for the Rams) was the long delay in activating the replay process, thanks to the league not realizing it until Prime Video rules analyst Terry McAulay alerted NFL rules analyst Walt Anderson to the possibility that the ruling on the field of an incomplete pass was erroneous. Regardless, the league eventually got it right.
If Demoff still feels so strongly about the outcome, why withdraw the proposal? Force a vote on it. Require everyone in the room to say “yes” or “no” as to whether it makes sense to allow a backward pass to pinball forward and be recovered (and potentially advanced) under the specific circumstances the Holy Roller rule was designed to address.
Without action, Demoff’s complaint rings hollow. If you don’t like the rule, fight it. Propose a change every year. (Until, of course, the same thing happens in another game and it works to the Rams’ benefit.)
Regardless, the coaching point remains as clear now as it was then. If there’s a loose ball, pick it up. While that could potentially lead to an uptick in injuries when a mad scramble ensues for any bouncing ball after the whistle is blown, the situation flows from the change to the rules following a 2008 Chargers-Broncos game that killed the play the moment a Jay Cutler fumble was deemed on the field to be an incomplete pass but couldn’t be awarded to the Chargers, who had recovered the ball, after replay corrected the call.
The only sensible fix is to ensure that the officials don’t prematurely end a play when the ball hits the ground. Swallow the whistle and see who emerges with possession. Replay can fix it later — even if those situations result in more contact and more potential injuries.
