The Next WRs Who Will Reset the NFL Contract Market After Jaxon Smith-Njigba Extension

It's a good time to be a wide receiver in the NFL.

As the league has become more pass-heavy, the value of wide receivers has skyrocketed. As recently as 2020, there was one WR in the entire NFL who had a $20 million cap hit: Julio Jones of the Atlanta Falcons.

In 2026, there are 23 wide receivers who have average annual salaries of $20 million or more. And Monday, a new high-water mark was set when 2025 Offensive Player of the Year Jaxon Smith-Njigba signed a four-year, $168.6 million extension with the Seattle Seahawks.

That massive pact did more than just make Smith-Njigba a wealthy man and plaster a smile across his agent's face. It also reset a market at wide receiver that has exploded of late.

And with a number of elite wide receivers either in contract years or eligible for extensions, there are a lot of players anticipating substantial paydays. Never mind the stars who signed deals recently and may want to go back to the bargaining table.

That sound you hear is NFL general managers groaning.

Puka Nacua, Los Angeles Rams

AP Photo/Lindsey Wasson

Projected Contract: Four years, $171.5 million

From the moment that Jaxon Smith-Njigba put pen to paper, the clock started ticking on Puka Nacua of the Los Angeles Rams getting his own megadeal.

And the price of that contract just went up.

Nacua was just as productive as Smith-Njigba last year, hauling in an NFL-high 129 receptions for 1,715 yards and 10 touchdowns. It was the second time in three professional seasons that Nacua has caught 100 passes and surpassed 1,400 receiving yards. Nacua is one of the great draft steals of the 21st century—a fifth-round pick who has been one of the league's most dangerous pass-catchers from the moment he stepped on an NFL field.

Nacua is going to get his. But the NFL Network's Mike Garafalo told Good Morning Football that working out the particulars of that deal could take a while:

"Nacua is also in line for a possible contract extension, now eligible to receive one. He was neck and neck with JSN last year as far as production and in their candidacy for Offensive Player of the Year. My expectations on the conversations that I've had is it is a different situation with Puka and the Rams. They have a lot of guys they have to pay and a lot of other business to conduct, so the expectation on my end is the Puka deal is going to take a while, and it could be further into December before we see something happen there."

Make no mistake: The Nacua deal is coming. And the 24-year-old's patience will be rewarded when he overtakes Smith-Njigba as the highest-paid wideout in the NFL.

George Pickens, Dallas Cowboys

AP Photo/Tony Gutierrez

Projected Contract: Four years, $137 million

It can be argued that the wisest move for the Dallas Cowboys is letting fifth-year wide receiver George Pickens play out the 2025 season under the franchise tag.

Yes, Pickens is coming off a career season—93 receptions, 1,429 yards (third-most in the NFL) and nine touchdowns. But he also had a mercurial three-year stint with the Pittsburgh Steelers that ended with him being shipped to Dallas.

On the other hand, if the Cowboys do a deal now it will afford the franchise more salary-cap flexibility, at least in the short term. However, Jonathan Jones of CBS Sports believes if Dallas does want to extend Pickens, it isn't going to be cheap:

"So, I would probably say, if I had to put, if I'm looking at my crystal ball here, that Puka will replace Jaxon Smith-Njigba at the top at some point before they start playing games in September. And then I would say that George Pickens is gonna be somewhere around Justin Jefferson and CeeDee Lamb."

For the record, Lamb makes $34 million a season on the four-year deal he signed in 2024.

That is one of the potential complications with a Pickens extension. Not only would it mean the Cowboys have a boatload invested in their starting wide receivers, but it also raises the question of how Lamb would feel about Pickens potentially making more money than he does.

This much is for sure: If Pickens comes out in 2026 and plays like he did last year, his price tag in 2027 will easily top $40 million per season.

Chris Olave, New Orleans Saints

AP Photo/Gerald Herbert

Projected Contract: Four years, $136.5 million

The New Orleans Saints are a rebuilding team. But while addressing the media, Chris Olave made it clear that he wants to remain in the Big Easy for the long term, and player and team are working on an extension that will accomplish that.

"It's in the works," Olave said. "I want to be in New Orleans forever. I know it's a tough time right now, but I love it out here. I love the people, I love the culture, I love the fans. And I love the new coaching staff and the front office. We're in the works right now and I hope it gets done soon. But like I said, I want to be here for my whole career."

When Olave has been good, he has been really good. In three of his first four seasons, he has surpassed 1,000 yards, and the Ohio State product is coming off career highs across the board: 100 catches, 1,163 yards and nine touchdowns.

However, his career hasn't been without a speed bump or two. The 25-year-old has yet to play in all 17 games in a season, and multiple concussions limited him to just eight games in 2024.

Smith-Njigba's extension is a rising tide that will lift all boats at wide receiver. Olave's injury may keep him from landing a deal as large as Smith-Njigba's or Nacua's, but he should still secure a contract that exceeds the four-year, $130 million pact former Buckeyes teammate Garrett Wilson signed with the New York Jets a year ago.

Zay Flowers, Baltimore Ravens

AP Photo/Gene J. Puskar

Projected Contract: Four years, $134 million

The Baltimore Ravens don't have to be in a rush to sign wide receiver Zay Flowers—assuming the team picks up his fifth-year option for 2027 at $27.6 million (a reasonable amount for a No. 1 wide receiver), the team could retain control of Flowers through the 2028 season at below market value.

However, as Anthony Miller noted for Sports Illustrated, an argument can be made for locking up an ascending young talent before his asking price skyrockets—and potentially out of Baltimore's range:

"Flowers has improved each year as a receiver and appears to be the number one target in the offense for the foreseeable future. As he gets better, his value and price tag will be through the roof. It would be better for the Ravens if they sat down with him and tried to knock out a deal before the team ends up in a Tyler Linderbaum situation and signs elsewhere for record-breaking money.

"At this moment in Flowers' career, he's not going to be in the top five as the highest-paid receivers in the league, but if Baltimore can get in the top 10 in dollar value at wide receiver, that will save them millions in the future."

After back-to-back 1,000-yard seasons (including a career-high 1,211 yards in 2025), if the Ravens can get Flowers locked up for less than $35 million a season, the team should probably do it. The cost for high-end wide receivers isn't going down moving forward.

The question is whether Flowers is willing to leave some potential money on the table to get his payday a year or two earlier.

Drake London, Atlanta Falcons

AP Photo/Mike Stewart

Projected Contract: Four years, $132 million

A contract extension for Falcons wideout Drake London has been a hot topic of conversation in Atlanta for some time.

Last offseason, then-general manager Terry Fontenot told reporters that the Falcons had every intention of locking London up long-term—when the time is right:

"There are times that you study the market and there are times where going early to the market can be beneficial, but there are also times looking historically that it's OK to wait until the appropriate time. We weigh those factors and we are constantly studying things that come in and studying the market to anticipate things. But we're real clear about how we feel about Drake."

Of course, much has changed since then. There's a new general manager in Atlanta in Ian Cunningham. London is coming off an injury-marred season in which he missed five games and failed to hit 1,000 receiving yards for the third time in four professional seasons. However, London found the end zone seven times last year and averaged a career-high 13.5 yards per catch.

There's a chance the Falcons will slow-play London's extension and let him play out his option year to see if he can crack 1,000 yards for the second time—they could then apply the franchise tag while working out an extension in 2027.

If London and the Falcons do hash out a deal this offseason, though, it will likely be for between $30 million and $35 million a season—a figure that likely isn't going down if they wait.

Justin Jefferson, Minnesota Vikings

AP Photo/Ellen Schmidt

Projected Contract: Four years, $176 million

This could apply as easily to a player such as CeeDee Lamb as it does Justin Jefferson of the Minnesota Vikings—superstar wide receivers who are looking at the Smith-Njigba deal and thinking to themselves, "Well, now I'm underpaid."

This isn't just a matter of Jefferson wanting to be the highest-paid receiver in football (again). As Joe Nelson wrote for Sports Illustrated, his current deal is already creating a cap crunch in the Twin Cities:

"Jefferson had $23.755 million of his salary converted into a signing bonus, dropping his base salary in 2026 to $1.215 million. His 2026 cap hit was reduced from roughly $38 million to $21.218 million. His $250,000 workout bonus was also converted into a guarantee. While the Vikings created cap space for this season, Jefferson carries $49.49 million and $53.49 million cap hits in 2027 and 2028, respectively."

Minnesota is going to be restructuring Jefferson's current deal on an annual basis anyway. Extending the 27-year-old offers more financial flexibility, at least for now.

The Vikings need to prioritize the present cap picture as well as the future.

It's not like Jefferson hasn't clearly established that he's worth the money. In six years, he has never failed to hit 1,000 receiving yards. Even after last year's down season with inconsistent quarterback play, he is still averaging over 90 receiving yards per game. He has averaged over 1,400 yards and seven touchdown catches per season.

With all due respect to Smith-Njigba, if he's worth $42 million and change a year, Jefferson is worth $44 million.