Bucs' Updated Salary Cap for 2024 NFL Season After Baker Mayfield's $100M Contract

The Tampa Bay Buccaneers re-signed quarterback Baker Mayfield on Sunday, as the 28-year-old was initially slated to hit free agency after a Pro Bowl season with the team.

The three-year, $100 million contract for Mayfield includes $50 million in guaranteed money. The maximum value of his deal is $115 million, per ESPN's Jenna Laine.

Prior to the contract agreement, the Buccaneers had just over $14.79 million in cap space (via OverTheCap.com).

Mayfield now ranks No. 16 among the highest-paid quarterbacks in the NFL based on average, while his $50 million in guaranteed money ranks No. 15 (via Spotrac). ESPN's Adam Schefter reported that he'll make $30 million in both 2024 and 2025, then $40 million in 2026. The contract also has $5 million in incentives each year.

Mayfield initially signed a one-year deal worth up to $8.5 million with the team during the 2023 offseason following a 2022 campaign in which he suited up for the Carolina Panthers as well as the Los Angeles Rams. After battling with Kyle Trask for the starting quarterback job in training camp, the former No. 1 overall pick in the 2018 draft had a bounce-back season in Tampa Bay.

He completed 64.3 percent of his passes for 4,044 yards, tossing 28 touchdowns compared to just 10 interceptions. Mayfield helped lead the Buccaneers to a playoff appearance before pulling off an impressive 32-9 victory over the Philadelphia Eagles in the wild card round.

"I wanted a chance to come back," Mayfied said, per Schefter. "I love coach [Todd] Bowles and the staff. I'm happy to be here and I want to win more in the postseason."

Tampa Bay's front office has acted quickly to retain several of the team's top offensive players, re-signing veteran wide receiver Mike Evans to a two-year deal worth $52 million on March 4 (h/t NFL Network's Mike Garafolo).

Now, Mayfield and Evans will look to bring the Buccaneers even further in the playoffs next season.