The Tee Higgins contract numbers are out on Pro Football Talk and this one is a pretty interesting discussion about whether or not Higgins should have taken the contract from a purely financial perspective. Higgins was already guaranteed to earn $26.179 million in 2025 and due to be tagged a second time was a lock to be a free agent in 2026.Higgins is still young having just turned 26 this January meaning he would be 27 as a first time free agent which is not a negative for free agency.
The basics of the Higgins contract are that he will earn up to $35.9 million in 2025, $23 million in 2026, $26.3 million in 2027, and $29.8 million in 2028. The first two years of the contract are basically guaranteed. On a new money basis that breaks down as follows:
| Year | Cash | Old Money | New Money | Running New |
| Year 0 | $35,900,000 | $26,179,200 | $9,720,800 | $9,720,800 |
| Year 1 | $23,000,000 | $0 | $23,000,000 | $32,720,800 |
| Year 2 | $26,300,000 | $0 | $26,300,000 | $59,020,800 |
| Year 3 | $29,800,000 | $0 | $29,800,000 | $88,820,800 |
I think when we evaluate the decision here we are looking at locking in close to $33 million as the new guarantee for not playing on the franchise tag with upside to $59 million and finally $89 million. Given the Bengals history of leaning into sunk costs it is likely that the two year value is as close to locked as you can have without having a guarantee.
Here is where Higgins cash flows ranks within the WR market, sorted by the two year cash column.
| Player | Year 1 | Year 2 | Year 3 |
| Justin Jefferson | $50,250,000 | $76,000,000 | $106,000,000 |
| CeeDee Lamb | $49,009,000 | $75,009,000 | $104,009,000 |
| D.K. Metcalf | $42,000,000 | $68,500,000 | $96,500,000 |
| A.J. Brown | $33,000,000 | $64,000,000 | $95,000,000 |
| Brandon Aiyuk | $34,876,000 | $61,876,000 | $90,000,000 |
| D.J. Moore | $36,500,000 | $61,000,000 | $85,500,000 |
| Amon-Ra St. Brown | $31,910,000 | $60,020,000 | $84,000,000 |
| Tee Higgins | $32,720,800 | $59,020,800 | $88,820,800 |
| Jaylen Waddle | $33,375,000 | $57,375,454 | $84,750,000 |
| Tyreek Hill | $26,250,000 | $54,000,000 | $90,000,000 |
| DeVonta Smith | $29,000,000 | $51,000,000 | $75,000,000 |
| Nico Collins | $30,250,010 | $50,875,015 | $72,750,000 |
| Calvin Ridley | $25,000,000 | $48,000,000 | $69,750,000 |
| Michael Pittman, Jr. | $28,000,000 | $46,000,000 | $70,000,000 |
I think the numbers here are pretty strong for Higgins. He comes out ahead of Waddle in the two year and is close to St. Brown who is considered a number 1 receiver. DJ Moore has an incredibly strong contract and would be the gold standard for someone likely not considered a superstar. Still Moore is viewed as the top target in Chicago not the second target.
Higgins does put at risk far more than others at the position with the high per game bonuses of $2 million per year in his deal. It is 7% of the overall contract he signed. No other high end wide receiver is above 3.5%. That was a significant concession on his part to the Bengals. He probably should have received a bigger salary over the 2025 and 2026 seasons as well but this may have been a concession to get a paper guarantee in 2026. Given the Bengals history with their contracts this is probably a mistake if that is why he did not exceed Waddle’s first year cash flows or get close to Moore and Aiyuk.
So the question really becomes could Higgins, who will likely be overshadowed by his teammate this season, score a contract in the $30 million per year range? If the answer to that is yes then he probably should have taken a shot at free agency because the money is going to be higher and the guarantee package ultimately better, likely extending into the 3rd year.
Higgins has a number of things that do work against him being looked at as that tier of player. One is the fact that he is positioned as a number two on the Bengals. His availability is a concern having missed 10 games the last two years and never having played 17 in a season. Free agency for wide receivers is also highly volatile as markets sometimes never develop as expected due to concerns teams have.
All things considered this was probably the right move for Higgins considering the potential risks that existed in free agency. While there are certainly negatives with the contract they are reasonable and ultimately, even if the injuries continue, I think he will earn more here than he would have outside of Cincy.
For the Bengals it is a fair contract. They have had some deals where they have to pay a massive number on the contract up front due to lack of guarantees and this is not one of those contracts as the cash is right in line with the other players in the NFL. They got their per game injury protection and more importantly took the focus off of the Bengals spending habits. They now have Higgins locked up for the prime of his career and no longer have to play the “what if” game in the event they lost him. Time will tell if this much invested in two receivers is the right football strategy but if it does not work the owners cant be blamed for not trying to field the best offensive skill players possible.