On Thursday, the Vikings signed tight end T.J. Hockenson to a new deal, a four-year extension. It reportedly re-sets the market, putting him at $17.125 million per year.
As usual, the devil (and the truth) is in the details. And the details show that the deal does not reset the market at the position.
Here are the actual details of the Hockenson contract, per a source with knowledge of the terms.
1. Signing bonus: $18 million.
2. 2023 base salary: $1.392 million, fully guaranteed.
3. 2024 workout bonus: $100,000.
4. 2024 base salary: $9.9 million, fully guaranteed.
5. 2024 per-game roster bonus: $500,000 total.
6. 2025 workout bonus: $100,000.
7. 2025 base salary: $10.9 million, guaranteed for injury at signing and fully guaranteed as of March 2024.
8. 2025 per-game roster bonus: $500,000 total.
9. 2026 workout bonus: $100,000.
10. 2026 base salary: $15.4 million, $2.308 million of which is guaranteed for injury at signing and fully guaranteed as of March 2026.
11. 2026 per-game roster bonus: $500,000 total.
12. 2027 workout bonus: $100,000.
13. 2027 base salary: $17.4 million.
14. 2027 per-game roster bonus: $500,000 total.
The deal also includes up to $500,000 per year in potential escalators.
From signing, it’s a five-year deal. Factoring in the old money of $9.944 million — not $9.392 million, because his fifth-year option would have included a 17th game check in the amount of $552,471 — the contract pays out $75.392 million over five years.
The deal includes $66 million in new money over four years, if the 17th game check is excluded from the old money. But since Hockenson was already due to make the extra $552,471, the new money is actually $65.448 million.
Without the 17th game check, the new money average is $16.5 million per year. With the 17th game check, the new money average is $16.36 million.
So where did the $17.125 million come from? That happens only when forgetting about the 17th game check for 2023 AND assuming that Hockenson will earn the full $2.5 million in available incentives.
That’s never how these deals are calculated. It was calculated that way in this case to push the deal past Darren Waller’s $17 million APY in new money.
The actual truth is $16.36 million in new money — nearly $900,000 lower than advertised, and behind Waller. From signing, it’s $15.07 million per year.
It’s still a great deal. As a practical matter, the first three years are guaranteed at signing. Unless the Vikings cut him after only one year (and they won’t), Hockenson will make $41.392 million through 2025.
Yes, great deal. No, it doesn’t re-set the market.
