Trevor Lawrence, Ja'Marr Chase, More NFL 5th-Year Option Contract Salaries Revealed

The fifth-year option contract salaries for some of the NFL's best players have officially been revealed ahead of the March 2 deadline for teams to exercise or decline those options.

NFL Network's Tom Pelissero reported the fifth-year option numbers for 2021 first-round picks, which includes Trevor Lawrence, Ja'Marr Chase, Jaylen Waddle, DeVonta Smith, Justin Fields and Micah Parsons, among others.

Based off those numbers, here's a breakdown of what the fifth-year options will cost for those players:

• Trevor Lawrence, Jacksonville Jaguars, QB: $34.4 million
• Mac Jones, New England Patriots, QB: $34.4 million
• Justin Fields, Chicago Bears, QB: $25.6 million
• Ja'Marr Chase, Cincinnati Bengals, WR: $21.8 million
• Jaylen Waddle, Miami Dolphins, WR: $15.6 million
• DeVonta Smith, Philadelphia Eagles, WR: $15.6 million
• Micah Parsons, Dallas Cowboys, LB: $24 million

The NFL has also set the restricted free agent tender numbers for 2024, according to Pelissero:

Lawrence is the best quarterback to come out of the 2021 draft class, but he only earned one Pro Bowl selection through his first three seasons.

The Clemson product earned his lone Pro Bowl selection in 2022 after completing 66.3 percent of his passes for 4,113 yards and 25 touchdowns against eight interceptions in 17 games, in addition to rushing for 291 yards and five scores.

While $34.4 million is a solid number for Lawrence's fifth-year option, he's due for a major contract extension regardless. Spotrac has his market value listed at $295.2 million over six years or $49.1 million annually.

One fifth-year option that is expected to be declined is that of Jones following a disastrous 2023 campaign. MassLive's Mark Daniels reported last month that the Patriots "don't plan on" picking up his option, which will be worth $34.4 million.

"The quarterback has a clean slate with (Jerod) Mayo and could remain on the roster, but the team won't hesitate to move him if the right deal comes across their desk," Daniels wrote.

Jones was one of the worst quarterbacks in the NFL last season and contributed to the Patriots finishing with a 4-13 record—which was their worst finish since the early 2000s—before being benched in favor of Bailey Zappe.

New England owns the No. 3 pick in the 2024 draft and could select a quarterback to replace Jones. The franchise could also look at options in free agency, such as Kirk Cousins or Baker Mayfield.

Among the wide receivers, Chase, Waddle and Smith should receive some solid extensions when it comes time, but one has stood out among the rest.

Chase is the 2021 Offensive Rookie of the Year and a three-time Pro Bowler. He has eclipsed 1,000 receiving yards in each of his first three seasons and is primed for another big year in 2024.

Spotrac has the Bengals star's market value listed at $104.5 million over four years or $26.1 million annually.

Parsons could break the bank on his next contract. He's a three-time Pro Bowler, two-time All-Pro and the 2021 Defensive Rookie of the Year. The 24-year-old also finished third in Defensive Player of the Year voting in 2023.

The 2023 campaign was the best of Parsons' career and he's expected to be a key piece of the Dallas defense for years to come. Spotrac has his market value listed at $101.9 million over four years or $25.4 million per year.