Buffalo Bills quarterback Josh Allen got a pay increase for the 2024 season
In March, the Buffalo Bills restructured quarterback Josh Allen’s contract to open up cap space, converting base salary to “signing bonus” in order to spread the hit over five years instead of one. That’s a pretty standard and expected move, but according to a new report, they also altered his deal later in the summer to actually pay him more money in 2024.
Michael Ginnitti of contract website Spotrac reports that the Bills moved up $30 million in salary from the future of Allen’s deal into 2024. He was originally supposed to make $30 million in cash in the 2024 season but will now make double that at $60 million.
Why would the Bills give Josh Allen more cash?
Simply put, Allen was grossly underpaid. Since signing his deal in 2021, Allen has only made $95 million over three seasons. To put that in perspective, Jared Goff made $80 million and Jordan Love $79 million in 2024 alone with their new deals, with Lamar Jackson making $111.75 million combined in 2024 and 2025.
This move gives Allen a 4-year total of $155 million to better align him with the top deals of the last two offseasons.
How is this different from when we hear a contract was “restructured”?
When a contract is simply restructured, money that was already set to be paid over the course of the current league year in base salary (paid per week during the season) is instead paid up front. It’s all from the same league year anyway, so it usually doesn’t even need a new signature from the player. They’re happy to get their money upfront.
In this case because they are moving money from one league year to another, it would need to be negotiated and signed off by the player. It fundamentally alters the contract.
What’s the precedent from renegotiating a contract like this?
The Bills don’t have a precedent for this. When they want to give more money to a player, they sign a contract extension. In this case, Allen is already signed through 2028, and with five years left on the deal, an extension doesn’t make a whole lot of sense.
There is precedent in the NFL, however. In 2023, the Kansas City Chiefs did the exact same type of renegotiation with Patrick Mahomes for the exact same reason. Mahomes was terribly underpaid and this was a way to put more money in his pocket.
In June, we speculated that Allen was in line for a new contract based on the Mahomes example and that’s exactly what the Bills have done here.
How does this move impact Buffalo’s salary cap?
Giving Allen more money in 2024 actually resulted in a net zero on his cap hit. When they restructured the deal in March, they left $8 million in base salary in 2024. When they renegotiated over the summer, they brought that number all the way down to the league minimum salary, and the resulting proration kept his cap number at roughly $30.3 million.
The move does lower his cap hit in 2025 for now by about $15 million.
Where did the money come from?
For this deal, it’s already money that was allocated for Josh Allen in the future. They took $25 million from his 2025 compensation (it was a roster bonus to be paid in March 2025) and $5 million from his 2028 base salary to move the $30 million into 2024.
It would not surprise me in the least if they do it again in 2025, with Allen now scheduled to only make $14.5 million next season.
Now that we’ve answered the big questions, it’s time to get into the weeds with specifics. Feel free to ask anything you want in the comments and I’ll respond the best I can.
Josh Allen contract details from March 2024
2024
2021 signing bonus: $3.3 million
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Workout bonus: $500,000
Base salary: $8.625 million (fully guaranteed)
Total cash: $30 million
Cap hit: $30.4 million
2025
2021 signing bonus: $3.3 million
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $25 million ($16.5 million fully guaranteed already)
Workout bonus: $500,000
Base salary: $14 million (fully guarantees 3/17/2024)
Total cash: $39.5 million
Cap hit: $60.7 million
2026
2022 option bonus: $8.472 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $15 million
Workout bonus: $1 million
Base salary: $22.5 million
Total cash: $38.5 million
Cap hit: $56.431 million
Dead cap if cut: $19.04 million
Cap savings if cut: $37.3 million
2027
2023 restructure: $5.284 million
2024 restructure: $4.175 million
Roster bonus: $25 million
Workout bonus: $1 million
Base salary: $14 million
Total cash: $40 million
Cap hit: $49.5 million
Dead cap if cut: $13.6 million
Cap savings if cut: $35.9 million
2028
2024 restructure: $4.175 million
Roster bonus: $25 million
Workout bonus: $1 million
Base salary: $15.55 million
Total cash: $41.55 million
Cap hit: $45.725 million
Dead cap if cut: $4.175 million
Cap savings if cut: $41.55 million
Josh Allen contract details from summer 2024 renegotiation
Note: The “2024 renegotiation” number is the prorated portion of the $30 million plus the prorated money from taking the base salary down to league minimum. I didn’t separate them out since they happened together.
2024
2021 signing bonus: $3.3 million
2022 option bonus: $8.48 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
2024 renegotiation: $7.5 million
Workout bonus: $500,000
Base salary: $1.125 million (fully guaranteed)
Total cash: $60 million
Cap hit: $30.4 million
2025
2021 signing bonus: $3.3 million
2022 option bonus: $8.48 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
2024 renegotiation: $7.5 million
Workout bonus: $500,000
Base salary: $14 million (fully guaranteed)
Total cash: $14.5 million
Cap hit: $43.4 million
2026
2022 option bonus: $8.48 million
2023 restructure: $5.284 million
2024 restructure: $4.175 million
2024 renegotiation: $7.5 million
Roster bonus: $15 million (guarantees March 2025)
Workout bonus: $1 million
Base salary: $22.5 million
Total cash: $38.5 million
Cap hit: $56.431 million
Dead cap if cut: $69 million
2027
2023 restructure: $5.284 million
2024 restructure: $4.175 million
2024 renegotiation: $7.5 million
Roster bonus: $25 million (guarantees March 2026)
Workout bonus: $1 million
Base salary: $14 million
Total cash: $40 million
Cap hit: $57 million
Dead cap if cut: $53 million
Cap savings if cut: $4 million
2028
2024 restructure: $4.175 million
2024 renegotiation: $7.5 million
Roster bonus: $25 million
Workout bonus: $1 million
Base salary: $10.55 million
Total cash: $36.55 million
Cap hit: $48.225 million
Dead cap if cut: $11.675 million
Cap savings if cut: $36.55 million
Note: Both the old contract and the new contract have incentives and escalators built in. Per Spotrac:
2025 Escalators 60% Regular Season Snaps + 2024 No. 1 AFC Seed: $2.5M 60% Regular Season Snaps + 2024 AFC Championship Win: $2.5M 60% Regular Seasons Snaps + 2024-25 Super Bowl Win: $5M Annual Incentives 60% Regular Season Snaps + AFC Championship Win: $1M 60% Regular Seasons Snaps + Super Bowl Win: $2.5M NFL MVP: $1.5M