It wouldn't be the NFL offseason if there wasn't news of a wide receiver getting a lucrative new contract.
Per ESPN's Adam Schefter, Terry McLaurin will sign a three-year extension with the Washington Commanders worth up to $71 million in new money, including a wide receiver-record $28 million signing bonus.
Factoring in McLaurin's $2.8 million base salary in 2022, he can earn up to $73.8 million over the next four years.
Per Spotrac, McLaurin's new deal ranks seventh among all wide receivers in average annual salary and 12th in total value. Tyreek Hill ($30 million), Davante Adams ($28 million), DeAndre Hopkins ($27.5 million), Cooper Kupp ($26.7 million), A.J. Brown ($25 million) and Stefon Diggs ($24 million) rank above the Commanders star in AAV.
Of all the contracts handed out to top receivers this offseason, there's a strong argument that McLaurin's is the biggest bargain.
Adams, Hill and Brown all signed deals worth at least $100 million in total value. Cooper Kupp's extension with the Los Angeles Rams brought his total money owed up to $110 million over five years, but the actual contract was for three years and $80 million.
Brown (24 years old) is the only player in that group younger than McLaurin (26). The Ohio State alum has recorded at least 919 receiving yards in each of his three NFL seasons, including over 1,000 yards in in 2020 and 2021.
Factoring in the group of quarterbacks McLaurin has played with compared to those other players on big contracts, his numbers look even more impressive.
Hill played the past four seasons with Patrick Mahomes. Kupp had a historic season with Matthew Stafford throwing him passes. Adams was the No. 1 wide receiver for a Green Bay Packers team that saw Aaron Rodgers win back-to-back MVP awards in 2020 and 2021.
Ryan Tannehill resurrected his career with the Tennessee Titans during Brown's three-year run with the team.
Case Keenum, Dwayne Haskins, Colt McCoy, Alex Smith, Kyle Allen, Ryan Fitzpatrick, Taylor Heinicke and Garrett Gilbert have all started at least one game for the Commanders since McLaurin's rookie season in 2019.
Washington's offense hasn't ranked higher than 21st in passing yards in each of the past three seasons. It ranked last in that category during his first year with 175.8 passing yards per game, yet he still finished with 919 yards and seven touchdowns.
This is a win-win deal for both parties. The Commanders get to keep their best offensive player at a time when they are prepared to have another new starting quarterback in Carson Wentz take over in 2022.
McLaurin gets the lucrative deal that he was seeking, while also keeping the contract short enough in terms of years that he will only be 30 years old when it comes time to either re-sign or become a free agent.