Source: Rodgers takes $35M pay cut in Jets deal

Rich Cimini, ESPN Staff WriterJul 26, 2023, 03:22 PM ET
Close

FLORHAM PARK, N.J. — New York Jets quarterback Aaron Rodgers has signed a reworked contract in which he voluntarily reduced his salary by about $35 million over the next two seasons, a source said Wednesday.

Rodgers, 39, signed a two-year, $75 million contract that is fully guaranteed, a source said. He was due to make close to $110 million in guarantees on his previous contract. This is an uncommonly large pay cut, one that will provide financial flexibility for the organization over the next two years.

The agreement has been in place for weeks, awaiting Rodgers’ signature, a source said.

The NFL Network first reported the terms of the deal.

Earlier Wednesday, Rodgers confirmed the reworked agreement in a post-practice media session. He wouldn’t divulge details, saying it would become public later in the day.

Rodgers, acquired in an April blockbuster trade with the Green Bay Packers, reiterated his desire to play more than one season with the Jets.

“The team gave up significant pieces for it to be just a one-year deal,” he said. “I’m aware of that. … Anything could happen with my body or the success we have this year, but I’m having a blast, so I really don’t see this as a one-year-and-done thing.”

Rodgers will receive a $35 million roster bonus in four days, plus a $1.8 million salary. In 2024, his salary is $38.2 million.

Technically, the contract runs through 2027 because it includes two option years to minimize the cap impact of the $35 million roster bonus, the NFL Network reported.

To facilitate his trade to the Jets, Rodgers restructured his contract with the Packers in April, pushing a $58.3 million option bonus (fully guaranteed) into 2024.

Basically, the four-time NFL MVP was on the books for three months at the minimum salary in 2023 — only $1.2 million against the cap. While the low cap number provided flexibility for the Jets, it left a prohibitive cap charge in 2024 — $107.6 million.

Rodgers and the Jets agreed from the outset to rework the deal.

From Day 1, Rodgers has talked glowingly about the Jets. Looking back on his move from Green Bay, where he started for 15 years, Rodgers said, “We’ve all turned the page. It’s a new chapter. I think it’s going to be exciting for Green Bay, moving on. It’s definitely been really fun for me out here.”

The Jets, who have the NFL’s longest playoff drought (12 years), have been energized by Rodgers’ presence. Players and coaches have raved about his knowledge of the game and his all-in approach.

“I mean, the guy glows in the dark,” coach Robert Saleh said. “He’s a pretty damn good quarterback.”

Rodgers, who said it was always his goal to play until at least 40, has embraced the attention. He also has elevated the play of the offense, which finished 29th in scoring.

“Change can be difficult, for sure, especially when it’s that drastic — 18 years in one spot,” he said. “If you can lean into it and embrace it, there’s some really beautiful things on the other side.”

Rodgers said he has adjusted his diet and training regimen in recent years with the goal of extending his career.

“Obviously, Tom [Brady] set the standard playing at 45, which is crazy, but less crazy when you start to get closer to that because you still love the game, and you want to be there doing it,” he said. “If you take care of yourself the right way, you put yourself in a position to at least entertain that thought.”