Report: Aaron Rodgers, Jets Reach New 2-Year, $75M Contract; Was Owed $107.6M in 2024

Three months after he reportedly renegotiated his contract to facilitate the trade to the New York Jets, Aaron Rodgers has finally signed the deal.

Per Pro Football Talk's Mike Florio, the two sides finalized terms of the agreement to reconfigure the remainder of his contract. Rodgers was set to make $107.55 million in 2024 prior to the agreement.

Tom Pelissero of NFL Network tweeted additional details:

ESPN's Rich Cimini reported on April 27, one day after Rodgers was traded to New York, the four-time NFL MVP and Green Bay Packers agreed to turn his $58.3 million option bonus for 2023 into a base salary for 2024 to lower his cap charge to $1.165 million this season.

Rodgers signed a three-year, $150.8 million extension with the Packers in March 2022. The deal included a $58.3 million option bonus for the 2023 campaign that had to be picked up before the start of the regular season.

The Jets only had $8.6 million in cap space prior to making the trade, while Rodgers was set to count $31.6 million against the 2023 cap. Pushing the option bonus to next year lowered his salary to the league minimum for a player with at least seven years of experience.

Cimini noted Rodgers' 2024 compensation included a $58.3 million option bonus, a $47 million option bonus owed next year and a $1.21 million base salary.

The Jets did have the ability to spread out Rodgers' cap hits over the remainder of his contract, which runs through 2027, once they picked up the $47 million bonus.

Since terms of the reworked deal are unclear at this point, it's unknown how, if at all, Rodgers' total compensation from the Jets might change.

There's also the question of how much longer Rodgers intends to play. He hasn't given any commitment to playing beyond 2023, but head coach Robert Saleh has said he would be "shocked" if this ends up being the final season for the future Hall-of-Fame quarterback.

Rodgers is coming off a down season in 2022 after winning back-to-back MVP awards the previous two years. The 39-year-old threw for 3,695 yards, 26 touchdowns, 12 interceptions and completed 64.6 percent of his attempts.

The Jets are betting on Rodgers being the missing piece to get them back into the playoffs for the first time since 2010. They finished 7-10 last season and had the fourth-worst scoring offense in the NFL with 17.4 points per game.