The Cincinnati Bengals sent shockwaves through the NFL over the weekend by reaching historic terms with Ja’Marr Chase and Tee Higgins. The fellow star wide receivers had achieved something unprecedented within an organization long known for its frugality. My latest column pulls back the curtain on how it happened.
Package Deal
Months after Chase and the Bengals were unable to come to terms on an extension and Higgins played on the franchise tag, both players secured deals featuring multiyear guarantees — a rarity for Cincinnati, previously done only for Joe Burrow — with Chase’s deal including guarantees into his fourth year. It was a negotiating masterclass by agent Rocky Arceneaux, who represents both players.
“As great as those two guys are, I never thought those deals would get done — certainly not at those numbers,” a former NFL general manager told FOX Sports. “It’s not who the Bengals are; it goes against every fiber of their organizational DNA.
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“The irony is, it helps them long term. You have a great quarterback, and you’ve now told him, ‘We believe in you so much, we’re going to do something we’ve never done before.’ That matters.”
On a personal note, I was fortunate to have dinner with Chase and Higgins at Prime 112 in Miami the night their deals were finalized. Their gratitude and commitment to a specific plan stood out. They repeatedly emphasized the importance of getting these deals done — together — and how special it was to remain teammates.
Both spoke about their desire to finally bring a Super Bowl to Cincinnati and how crucial it was to do so alongside Burrow. There was relief, but no complacency — just excitement to get back to work.
Chase, fresh off his triple crown season, is now the highest-paid non-quarterback in NFL history — a mark he’d been aiming for all winter — while Higgins, whom Chase called “1A,” is the highest-paid No. 2 receiver ever.
Higgins also shared something I didn’t know — he grew up a Bengals fan, with A.J. Green as his favorite receiver. Securing his long-awaited deal and staying with his childhood team, alongside Chase and Burrow, meant the world to him.
The other thing I found fascinating was the relentless negotiating tactics by Arceneaux, who not only fought to get the AAV right but also focused on the guarantee structure for both receivers — despite Cincinnati’s long-standing precedent of not guaranteeing money after the first year. That became clear during Tuesday’s press conference, where Chase and Higgins repeatedly thanked their agent — something I haven’t seen before, certainly not to that extent.
But here’s the kicker: Arceneaux made it clear to the Bengals that they needed to get both deals done — not just one — and Cincy finally delivered. The leverage play worked in a major way.
All eyes in Cincinnati now turn to Trey Hendrickson. As I reported Monday morning, the Bengals still hope to work out a deal with him despite granting permission to seek a trade. It won’t be easy, but they haven’t given up.
One league source even suggested they should punt to 2026 and give him a one-year deal worth $30 million — though it’s unclear if that would appease Hendrickson.
Sources indicate multiple teams, including the Indianapolis Colts — who have his former defensive coordinator in Lou Anarumo — are interested in trading for him. However, satisfying both Hendrickson with a new contract and the Bengals with trade compensation is proving difficult — perhaps even impossible.
The Bengals recognize Hendrickson’s importance to the team and remain in constant contact with his camp, hoping to get something done. The situation remains fluid, but Cincinnati would love to find a solution.
Remember, Burrow publicly pushed for Chase, Higgins, Hendrickson and Mike Gesicki to get paid. The Bengals are three-fourths of the way there.
Schultz on Ja’Marr Chase and Tee Higgins’ new deals with Bengals
Rodgers Watch continues
As the Minnesota Vikings explore veteran QB options, the internal belief — as we’ve reported before — is that J.J. McCarthy is ready to be QB1.
There’s no doubt Aaron Rodgers was intrigued by the Vikings and likely would have loved to play there if they made an offer. What QB wouldn’t want weapons like Justin Jefferson, Jordan Addison, T.J. Hockenson, Aaron Jones and Jordan Mason — along with Kevin O’Connell as head coach?
But it’s McCarthy’s turn. He’s the big bet. The Vikings traded up to No. 10 to draft him, and after missing his rookie year due to two knee surgeries (the second being more of a cleanup), the team is fully invested in his development. They believe he has the tools to become a franchise QB.
Minnesota still plans to add a veteran backup to push and mentor McCarthy. They wanted Daniel Jones back, but he saw a better opportunity to start in Indianapolis. But make no mistake — the Vikings will bring in another QB. As I’ve discussed before, it just won’t be Rodgers at this time.
Sources have indicated that the Pittsburgh Steelers are fine waiting for Rodgers to make a decision — on whether he’s ultimately playing in 2025, and if so, where — and money has not been an issue. Meanwhile, the New York Giants remain interested, though I could see them adding a backup-type very soon, similar to Pittsburgh signing Mason Rudolph.
The Cousins conundrum
The Atlanta Falcons are in a tough spot, facing a financial dilemma no team wants to deal with. Kirk Cousins is owed $27.5 million for the upcoming season and just triggered an additional $10 million roster bonus this past Saturday. In total, he’s promised to make $100 million between 2024-2025 while perhaps making just 14 starts for Atlanta.
The big question: What do the Falcons do now?
“Right now, they’re frustrated and just trying to buy time,” a current GM told FOX Sports. “They’re all-in on (Michael) Penix. He’s their guy. They love him. But they can’t keep Cousins — just can’t. So I think (GM Terry Fontenot) is trying to find a trade partner willing to take on at least part of Kirk’s salary.”
How likely is that?
“Not very,” the GM said. “But it’s still possible. Maybe he can get a team that misses out on a QB to bite before or even after the draft. That’s his best shot — hoping someone is still without a quarterback when the music stops. But they’re calling everyone right now that will listen.”
The Cleveland Browns, who recently met with Russell Wilson and have shown interest in Carson Wentz, have a connection to Cousins through head coach Kevin Stefanski, his former QB coach and offensive coordinator in Minnesota. Cleveland also has less than $11 million in cap space.
Jordan Schultz is an NFL Insider for FOX Sports. He also co-hosts the “Why Is Draymond Green Talking About Football?” show. You can follow him on X at @Schultz_Report.
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