We usually do a full breakdown of veteran contracts only, since rookie deals are slotted and unsurprising. As to the contract signed by Bears quarterback Caleb Williams, the first overall pick in the 2024 draft, it makes sense to do a full breakdown of the dollars and other important terms in the four-year, fully guaranteed deal, given the recent focus on the process and some of the terms Williams was seeking.
Here are the financial terms:
1. Signing bonus: $25,537,132.
2. 2024 base salary: $795,000, fully guaranteed.
3. 2025 offseason roster bonus: $1.629 million, fully guaranteed.
4. 2025 base salary: $960,000, fully guaranteed.
5. 2026 offseason roster bonus: $3.309 million, fully guaranteed.
6. 2026 base salary: $1.075 million, fully guaranteed.
7. 2027 offseason roster bonus: $4.989 million, fully guaranteed.
8. 2027 base salary: $1.190 million, fully guaranteed.
The contract, worth $39.545 million in all, was indeed signed on Wednesday, July 17. The full signing bonus must be paid within 15 days.
As to the possibility of Williams being released with guaranteed money remaining, the Bears are entitled to a dollar-for-dollar offset as to any money he earns elsewhere.
Remaining guarantees can be voided in the event of a “Default.” Paragraph 34 of the agreement defines the term to include: (1) failing or refusing to practice or play, due to a holdout; (2) failing to practice or play due to an injury arising from hazardous activities including skydiving, hang gliding, mountain climbing, auto racing, motorcycling, scuba diving, surfing, and skiing; (3) being suspended by the league or the team for conduct detrimental; (4) leaving the team without prior written consent; (5) engaging in conduct reasonably judged by the team to adversely reflect on the team; (6) making public comments that criticize the team, his teammates, or the league (the first violation requires a written warning; the second results in a suspension); (7) being suspended for violating the substance-abuse policy, the PED policy, or the Personal Conduct Policy; (8) breaching any provision of his contract; or (1) being suspended for three or more games for violating NFL playing rules.
That’s usual language for voiding guarantees, similar to the contents of the typical first-round contract.
And so it really was, and is, a standard deal. It’s hard to fault him for trying to get other terms (like a commitment that the franchise tag won’t be used). It’s even harder to get any team to be the one team to start a new precedent that will potentially spread throughout the league.