The 2024 NFL Draft is set to kick off in Detroit on Thursday night, offering a major payday for the top college football players who will be selected. The first overall pick is expected to bring in a four-year rookie contract worth over $38.5 million, with the top five picks in the draft estimated to make over $30 million in their rookie deals. The next six picks are projected to earn over $20 million each, while lower picks in the first round can expect deals north of $12 million. Second-round picks will make slightly less, with the first pick of the second round estimated to earn just under $10 million.
As the draft progresses, the value of the contracts decreases, with the final pick in the seventh round, known as “Mr. Irrelevant,” expected to land a rookie deal just above $4 million. It is important to note that once these contracts are finalized, they cannot be renegotiated, amended, or altered until players complete their final regular season game in their third year, according to the league collective bargaining agreement. This means that the rookie contracts for drafted newcomers are set in stone for the time being.
USC quarterback Caleb Williams is widely predicted to be the first overall pick in the draft, but there is no guarantee that the Chicago Bears—who hold the No. 1 pick—will select him. Other top picks in the draft are expected to include players like LSU wide receiver Malik Nabers, Notre Dame tackle Joe Alt, Alabama edge rusher Dallas Turner, and Michigan quarterback JJ McCarthy. The next picks in the first round have been awarded to teams like the Washington Commanders, New England Patriots, Arizona Cardinals, and Los Angeles Chargers, who are likely to focus on adding to their offense.
In terms of player earnings, Pittsburgh Steelers quarterback Russell Wilson made $85 million between May 2022 and May 2023, including $72 million playing on the field for the Denver Broncos and $13 million in off-field endorsements. Wilson, who recently signed a one-year contract with Pittsburgh after a difficult stint in Denver, will only be making the league minimum veteran salary of $1.21 million in the upcoming season. This pales in comparison to other top earners like Cardinals quarterback Kyler Murray and Kansas City Chiefs quarterback Patrick Mahomes.
Overall, the 2024 NFL Draft offers significant financial rewards for top college football players as they transition to the professional league. With rookie contracts estimated to be worth millions of dollars, these young athletes have the opportunity to secure their financial future and make a significant impact in the NFL. As the draft unfolds and players are selected, it will be interesting to see how these rookie contracts shape the future of the league, and which players will rise to the top as they begin their professional careers.
