Breaking Down Andrew Thomas’ Five Year Extension

Andrew Thomas inked a deal earlier this week with the Giants that would make him the 2nd highest paid left tackle in the NFL at $23.5 million a season with a record setting $67 million fully guaranteed at signing. Per a source with knowledge of the contract here is the yearly breakdown”

In 2023 Thomas will earn a base salary of $1.02 million along with a signing bonus of $15 million. This is a raise of $11 million. His salary cap number will be $9.29 million, a savings of $1 million for the Giants,

In 2024, the contract has a guaranteed base salary of $14.175 million and a guaranteed roster bonus worth $5 million. He can also earn up to $1 million in per game bonuses and a $500,000 workout bonus. His cap number will be $23.675 million, and increase of $9.5 million over his rookie contract. He will earn a $6.5 million raise over his prior contract.

In 2025, which is technically when the extension begins, Thomas will earn a guaranteed salary of $16.4 million. He can also earn the same $1 million per game bonus and $500,000 workout. His cap number will be $20.9 million and his new money from 2023 to 2025 will total $35.4 million.

In 2026, Thomas has a salary of $15.9 million of which $15.4 million is guaranteed along with the same per game and workout bonus. His running cash is $52.8 million and his cap charge is $20.4 million.

In 2027, Thomas has a $15.4 million base along with a March roster bonus worth $2.5 million. He can also earn the $1.5 million in bonuses. His cap charge this year is $22.4 million. His three year new money is $72.2 million at this point.

In 2028 Thomas has an $18.4 million salary along with a $2.5 million March roster bonus. The same workout and per game bonuses are also available. The cap charge remains $22.4 million and his four year cash hits $94.6 million.

Finally, Thomas has a $18.9 million salary, $2.5 million roster bonus, and $1.5 million in per game and workout bonuses in the final year of the contract. The cap number is $22.9 million and the total contract value will be $117.5 million.

This is a very fair contract for both sides. The cash flows on the contract are somewhat favorable to the Giants. Here is how the new money ranks among other tackles in the NFL:

YearRunning CashRanking

Despite Thomas’ contract ranking 2nd overall in annual value and 1st overall among long term contracts, the Giants are able to keep his cash flows at 3rd in the NFL over the first two new years before the contract makes the turn in year 3 and 4 to move into the higher positions.

The guarantee is strong for Thomas at $67 million, the most ever guaranteed at signing for a left tackle. This represents a $47.8 million raise over his prior contract which is the new full guarantee on the contract. This ranks 2nd to Ronnie Stanley of the Ravens at $51.25 million. Thomas can close that gap by $2.5 million by attending workouts and being healthy in 2024 and 2025 to earn the non-guaranteed salaries in the contract.

The $67 million in total guarantees is also second to Stanley’s $70.9 million. Stanley does outdistance him here with the new guarantee as Thomas’ remains at $47.8 million compared to Stanley’s $58 million. On a percentage basis this also drops Thomas further compared to some of the other players at the position and does open an argument that there may have been some room for more injury protection down the line in the contract.

The length of the contract is also very good for the Giants. There wasn’t really much to argue here since the market is limited for players who did deals with two years remaining on an existing contract. Stanley took a five year contract at a similar stage (he signed during his fourth year but in season). The other players at four seasons were all on much lesser valued contracts or were players on their third contract. The strongest point for Thomas to argue for a shorter deal was the Laremy Tunsil 2020 three year extension when he had one year remaining on his contract. That contract was one of the most player friendly deals in the NFL though.

The salary cap numbers are very steady in the contract and with a moderate signing bonus of $15 million the Giants would have the flexibility to convert salary to a bonus if needed without really making the contract an albatross. At this time there is virtually no dead money starting in the 2027 season.

With the salary cap likely going up the Giants should now be set at a reasonable cost for their star left tackle. My assumption would be by the time the second new year hits the backend of the starter market will begin pulling close to this number which means New York should get a lock on an elite tackle at a “good starter” price.