How much is Aaron Rodgers' new contract with the Packers?

Aaron Rodgers has finally signed a contract with the Green Bay Packers, a week after he announced that he had decided to stay with the franchise.

After the quarterback’s announcement last week, he denied reports that he had already signed an agreement with the team. He had been reported to have inked a 4-year $200 million contract.

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Rodgers to average $50 million a year

The deal he did end up formalizing has a smaller gross figure, but the annual rate is practically the same. According to the NFL Network, the 38-year-old’s paycheck will average $50 million annually for the first three years of his contract.

The reigning NFL MVP will have a pay increase, as he was supposed to take in a base salary of $26.47 million this year. He will now take home $41.95 million in fully guaranteed money in 2022. He can also expect almost $60 million in guaranteed pay next year, and in 2024, he is due $49.25 million. The three years’ figures come to a total of more than $150 million.

Contract helps Packers with salary cap

The extension contract also benefits the Packers, as Rodgers’ salary cap figure was effectively lowered by $18 million from $45.7 million. Green Bay had been over the salary cap by $21.1 million before the two parties came to the agreement. They have inched closer to getting below the cap, but still need to negotiate with team members to achieve this.

The franchise pushed back the four-time MVP’s large cap hits to later years so they could maintain their roster and have a shot at being Super Bowl contenders in the short-term.

After three years under contract, Green Bay could negotiate another deal with Rodgers, or the quarterback could choose to finally retire.