Joe Burrow's $29.5M 5th-Year Option Exercised by Bengals amid Contract Talks

The Cincinnati Bengals have bought themselves some time to negotiate a long-term extension with star quarterback Joe Burrow.

The team triggered the fifth-year option in his rookie contract Tuesday, which will guarantee him $29.5 million for the 2024 season.

NFL Network's Ian Rapoport first reported the news.

It's too early to begin panicking, but the absence of a multiyear deal might have some concerned.

In general, teams don't benefit by waiting around. The inflationary nature of the quarterback market means the price tag for elite signal-callers goes up every offseason. Re-signing Burrow in 2025 or using the franchise tag and re-signing him at a later date is bound to be a costlier pursuit than it is now.

The 26-year-old has made it clear with his play he warrants a deal that will make him one of the highest-paid QBs in the NFL as well. Jalen Hurts helped reset the market when he agreed to a five-year, $255 million extension with the Philadelphia Eagles. That further cemented the going rate for an elite quarterback at $50 million-plus annually.

Through three seasons, Burrow has thrown for 11,774 yards, 82 touchdowns and 31 interceptions, and he guided the Bengals to their first AFC title since 1988 when they reached Super Bowl LVI.

He has almost single-handedly changed the perception surrounding the franchise.

Once perpetually moribund, Cincinnati became a postseason mainstay for a stretch under Marvin Lewis. But failing to win a single playoff game in seven trips meant the Bengals remained a bit of a joke.

That's no longer the case with Burrow on the roster.

Until the ink is dry on a new contract, fatalistic fans will expect the Bengals to screw this up, and those fears aren't unfounded.

The organization has gained a well-earned reputation for being especially stingy under the ownership of Mike Brown, and that extended beyond the payroll.

Former wide receiver T.J. Houshmandzadeh once recounted how he and his teammates weren't supplied with bottled water or Gatorade when he first got there in 2001:

Sure, Brown re-signed Carson Palmer and Andy Dalton when the time came, but Burrow's deal will be in an entirely different stratosphere. Dalton's six-year, $115 million contract looks quaint compared to what Burrow can reasonably demand. Spotrac puts his value at $288.9 million over six years.

That the LSU product largely hit the ground running as a rookie and got to the Super Bowl in his second season meant ownership and the front office had plenty of time to plan for this eventuality.

"I can tell you that we couldn't be happier with Joe Burrow," Brown told reporters last July. "He's everything you would wish for, especially for a quarterback in Cincinnati. Our whole focus is going to be on keeping him here."

It wasn't entirely a coincidence a month later Brown finally sold the naming rights to the stadium that bore his father's name since it opened in 2000. They also sold off the naming rights to the indoor practice facility that was constructed in October.

The amount of money the Bengals generated by the stadium rights isn't clear, but it's safe to assume some of the revenue was earmarked for increased payroll costs—i.e. a Burrow extension.

You would have made a lot of money betting against Cincinnati over the years, but this is one situation where you have to expect the team will get it right sooner or later.