Jets standout defensive lineman will be a Jet for the foreseeable future after he signed a four year, $55 million contract to remain in New York as a fixture for the Jets defense. Per a source with knowledge of the contract here is a breakdown of the deal.
This year Franklin-Myers salary will remain the same and he will also receive a $2 million signing bonus. The balance of his salary (about $715K) for the year is officially guaranteed as part of the extension. His cap hit increases by $400,000 due to the signing bonus.
In 2022 He will earn a guaranteed roster bonus in March worth $10 million while also earning a guaranteed salary of $1.5 million. He has $600,000 in per game bonuses and offseason bonuses which are also guaranteed if he was to be released. His cap number will be $12.5 million.
In 2023 he will earn an $11.4 million in salary along with the same $600,000 in bonuses. This is all guaranteed for injury with $6 million becoming guaranteed in 2022 and the other $6 million in 2023. His cap figure will be $12.4 million.
In 2024 there is a $13.3 million salary along with the same bonus structure. $3.18 million is guaranteed with $1.125 million becoming fully guaranteed in 2023. He will carry a $14.3 million cap hit.
In 2025 there is a P5 of $14.35 million and $650,000 in bonuses. None of this year is guaranteed and his cap charge is $15.4 million.
In total it works out to $55 million in new money with $14.815 million guaranteed at signing and $30 million guaranteed for injury . Given the early vesting date of his 2023 salary the effective full guarantee is $20.8 million. Another $4 million in performance escalators are also available to bring the max total to $59 million. The contract essentially mimics the recent Josh Sweat contract with the Eagles except this contract is four years in length versus three years for Sweat. It is the fourth year that bumps the annual value over Sweat’s.
I believe that Franklin-Myers will now hold the record for the largest contract ever signing by a draft pick who was cut from his original team in a non-option year. He was originally on the Rams and was claimed by the Jets in 2019 in what has to be one of the best personnel decisions the Jets have made in the last few years.
Jason is the founder of OTC and has been studying NFL contracts and the salary cap for over 15 years. Jason has co-authored two books about the NFL, Crunching Numbers and the Drafting Stage, which are widely circulated in the industry and hosts the OTC Podcast. Jason’s work has been featured in various publications including the Sporting News, Sports Illustrated, NFL Network and more. OTC is widely considered the leading authority on contract matters in the NFL.