So it’s a “priority” for the Bengals to sign receiver Ja’Marr Chase to a new deal? Yeah, welcome to 2024.
Then again, the Bengals always seem to be behind the times, when it comes to taking a crowbar to Mike Brown’s piggy bank.
Extending Chase last year was also a priority. Chase made it one. And, as Chase sees it, they promised to get it done. The problem, as we understand it, was that the numbers compared favorably to the market as of 2024, but that the structure was subpar, to say the least.
The existence of an impasse was obvious. Chase barely practiced during camp. On the first day of the season, Chase wrestled with whether to play against the Patriots — right up until the time for declaring inactive players.
And the Bengals lost to New England that day. Flip that to a win and, all other things being equal, the Bengals would have made the playoffs.
Chase went on to play in all 17 games, leading the league in catches, receiving yards, and receiving touchdowns. For that performance, the Bengals paid Chase less than $5 million.
Now, it seems based on Bengals executive Duke Tobin’s comments from Wednesday that they plan to take a cookie cutter to the contracts currently at the top of the market, where Vikings receiver Justin Jefferson currently leads all receivers with a new-money average of $35 million.
It’s much more complicated than that. The market went up significantly last year, from the upper 20s to the mid-30s. It will, or at least should, go up again. Also, the salary cap will increase again this year. At a minimum, Chase should want a deal with a new-money average of $40 million per year.
And he’s justified in seeking much more than that.
On Thursday’s PFT Live, we went through some of the quarterbacks currently making more than $50 million per year. Would you rather have Chase or, for example, or Jalen Hurts? Chase or Tua Tagovailoa? Chase or Jared Goff? Chase or Trevor Lawrence? Chase or Justin Herbert? Chase or Dak Prescott?
On one level, it’s a complicated exercise. At another level, it’s simple. Chase should have been paid at the top of the market last year. Despite the lack of a second deal, he was dominant. Beyond negotiating a deal that anticipates the growth of the market, factors in the increase in the cap, and compensates Chase retroactively for the value the Bengals received after lowballing Chase (from a structural standpoint) last year, he’s justified in trying to blow the lid off the market. $40 million? How about $50 million?
The problem is that the Bengals can, and perhaps will, squat on Chase at $21.8 million for 2025, the franchise tag for 2026, and possibly a second tag for 2027. He could let it play out and hit the market in 2028. But that’s three seasons away. He’ll be 28. And he’ll bear the risk of a significant injury impacting his value.
The Collective Bargaining Agreement gives the Bengals the right to let it play out, one year at a time. Chase has rights, too. That fact should not be forgotten if/when he chooses to take full advantage of those rights — especially if the Bengals fully intend to do the same.
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