Parents, if your kids are going out for sports, nudge them towards giving quarterback a try, because no other position in the NFL makes this kind of money. Even Daniel Jones of the Giants was signed to a 4-year extension worth $160 million.
Jones is one of 12 current NFL starting quarterbacks with a contract worth $40 million per season. Joe Burrow of the Cincinnati Bengals was the latest to reset the market with a record $55 million per season. But having a dozen quarterbacks at $40 million or more is still a considerable number of players in a season where there are so many young quarterbacks still on their rookie contracts.
But the average salary per year at the time of signing is not the best metric for judging who the highest-paid quarterbacks are for the 2023 season. To get that list, we consulted the NFL salary rankings and 2023 quarterback cap hits at Spotrac.
The following 10 players are the highest-paid quarterbacks in the 2023 NFL season. Which teams are getting a bargain and who is suffering buyer’s remorse? We have included what percentage of the team’s 2023 salary cap each contract is taking up, as well as some player’s key stats in case you want to bet on them at the best NFL sportsbooks such as Bookmaker (check our Bookmaker Review).
1. Patrick Mahomes, Chiefs – $37.1 Million (16.85% of Cap)
With the way quarterback contracts are going, the 10-year deal for $450 million that Patrick Mahomes signed in 2020 is going to be a bargain for Kansas City.
Of all the historic things that Mahomes accomplished last year in leading the Chiefs to another Super Bowl win, one of the most impressive is that he did it for a roster where he accounted for 17.0% of his team’s salary cap. Since the salary cap started in 1994, no other quarterback has won a Super Bowl while taking up more than 13.1% of the cap.
With a cap hit near 17% again this season, Mahomes would just be making more history if he pulls off a repeat. His receiving corps is weaker this year, Travis Kelce is another year older and dating the most popular woman in the world, and the Chiefs have not been as strong offensively. But the Chiefs are still right up there among the Super Bowl favorites, and Mahomes is a leading candidate for his 3rd MVP award.
Name any price the Chiefs can pay him, and it still may be good value. But at some point soon, the Chiefs are going to have to start drafting better to make sure the talent pool around Mahomes is replenished.
2. Ryan Tannehill, Titans – $36.6 Million (15.85% of Cap)
This one has not aged well as we have hit the final year of the 4-year contract Ryan Tannehill signed with the Titans in 2020. That is why the cap number is so high, and with the way things are going, this will be Tannehill’s final season in Tennessee.
Tannehill led the Titans to a No. 1 seed in the 2021 season, but he threw 3 interceptions in one of the worst games of his career in the playoffs against Cincinnati. Last year, Tannehill struggled after the team traded away No. 1 receiver A.J. Brown, and despite a 7-3 start, the Titans lost the remaining games, Tannehill was injured, and the Titans missed the playoffs.
This year, Tannehill has been struggling again and only had 2 touchdown passes in 6 games. An ankle injury led to rookie Will Levis getting his 1st start against the Falcons, and Levis threw 4 touchdown passes in his NFL debut. Even if Tannehill heals from his ankle injury, it is possible his era in Tennessee is already over, as coach Mike Vrabel moves on with Levis.
3. Jared Goff, Lions – $30.975 Million (13.63% of Cap)
Probably not many people expected to see Jared Goff this high on the list, but he was also over $30 million with the 4th-highest cap hit in 2022 as well for Detroit. But let’s set the pocket-watching aside and focus on the fact that Goff is having another successful season in running the offense for Dan Campbell’s team.
In 2022, the Lions finished 9-8 with a top offense and a bottom-ranked defense, and Goff finished No. 5 in QBR (63.3). This season, the defense has improved, the Lions are 6-2, and Goff is still leading a top offense and ranks No. 8 in QBR (65.1).
When Goff became part of the big trade with Matthew Stafford, going from the Lions to the Rams, most thought the Rams got every advantage in that trade. While the Rams did instantly win a Super Bowl after it, the Lions have been in better shape the last 2 seasons, and you could say Goff has outplayed Stafford since 2022.
He may not inspire all the confidence in the world, but Goff has always had a good, accurate arm, and he can look the part of a franchise passer. Now we’ll see if he can keep it going and earn a long-term extension in Detroit.
4. Dak Prescott, Cowboys – $26.8 Million (11.52% of Cap)
Now 30 years old, Dak Prescott is hoping his 8th season is the year the Cowboys can break through and return to their 1st NFC Championship Game (and Super Bowl) since the 1995 season when he was 2 years old.
Prescott’s 1st half of the season has been an uneven one as he tries adjusting to a new offense from coach Mike McCarthy, who has essentially replaced Kellen Moore as offensive coordinator. Prescott is completing a career-best 71.0% of his passes, but he has taken sacks at a higher rate than usual, and many of his throws are shorter this year. The offense has also struggled in the red zone.
But the Cowboys are a talented team, and Prescott is still their key player on offense. If he has to face the 49ers in the playoffs for a 3rd season in a row, he must play much better after throwing 3 interceptions in that ugly 42-10 loss in Week 5.
The Cowboys pay Prescott the big bucks to win games like that, but so far, we keep seeing Dallas coming up short in such games.
5. Lamar Jackson, Ravens – $22.15 Million (9.91% of Cap)
We have moved into the quarterbacks who take up a single-digit percentage of the cap. It took longer than expected, but the Baltimore Ravens and Lamar Jackson finally agreed to his contract extension this summer. The deal was for 5 years and $260 million with $185 million guaranteed.
This was a great win for Jackson, who has not finished either of the last 2 seasons healthy after injuries in December while the Ravens had the lead in the AFC North.
This year, he has been healthy, and he has enjoyed having more success in a new offensive system coordinated by Todd Monken. Jackson’s new favorite receiver is rookie Zay Flowers, who has outplayed veteran Odell Beckham Jr.
Jackson’s passing success rate is 49.0%, which would be the highest since his 2019 MVP season (50.5%), and sportsbooks have him not that far off from the leading candidates in this year’s MVP race, as he remains a versatile dual-threat and has the Ravens at 6-2 in a loaded division.
If Jackson can stay healthy, we should see him start his 1st playoff game since the 2020 season as he is still looking to make his 1st appearance in an AFC Championship Game.
6. Russell Wilson, Broncos – $22 Million (9.45% of Cap)
This is Year 2 for Russell Wilson in Denver, and it certainly has gone better under Sean Payton than it did in 2022 with Nathaniel Hackett when the Broncos had the worst offense in the NFL.
However, Wilson is having a strange year in 2023, as he has been closer to Taysom Hill in Payton’s offense than he has been to vintage Drew Brees. Wilson is only averaging 201.6 passing yards per game, which would be his lowest since his rookie season in 2012.
Wilson’s 6.9 yards per attempt would be a career low and his first season under 7.0. His sack rate (10.0%) is one of the highest of his career, and his passing success rate (42.1%) is the 2nd lowest of his career halfway through 2023.
Basically, Wilson’s gaudy passer rating is being held together by an unsustainably high touchdown pass rate (6.9%) and a nice interception rate (1.7%). Payton has no doubt he had a positive influence on Wilson’s game, but we still have not seen the Seattle version of the player who looked like a lock for the Hall of Fame.
But at least this year’s version of “Broncos Country, Let’s Ride” does not make us want to stop the car to throw up.
7. Kirk Cousins, Vikings – $20.25 Million (9.19% of Cap)
Say what you want about him, but Kirk Cousins has been an ironman on the field and an all-time accountant off the field, as he has made a lot of guaranteed money in his career by not signing the long-term deals that many quarterbacks on our list have.
Unfortunately, Cousins’ 2023 season is over after he tore his Achilles in Week 8 against the Packers. It is the first major injury of Cousins’ career as the only game he has ever missed in the NFL due to injury was for a positive COVID test.
Cousins’ season ends just as he got the Vikings to 4-4 and past the toughest part of their schedule, and he was tied with Tua Tagovailoa for the league lead in touchdown passes with 18 through Week 8.
The Vikings will certainly miss having him for the 2nd half of the season, and it remains to be seen if this is the last of Cousins in Minnesota and what he has in store for 2024.
8. Matthew Stafford, Rams – $20 Million (8.89% of Cap)
In his 3rd season with the Rams, Matthew Stafford has seen it all from a Super Bowl win to the worst record in NFL history for a defending champion after he missed half of 2022 with injury.
Healthier to start this 2023 season, Stafford’s play has been erratic. His completion percentage is below 60%, and his touchdown pass rate (2.9%) is the 2nd-lowest rate of his career.
But Stafford has had a few good moments, and he has been sharp in getting rookie wide receiver Puka Nacua involved. He just has to find a way to satisfy the production for both Nacua and Cooper Kupp at the same time.
However, Stafford is dealing with an injury again, after he sprained the UCL in his thumb against Dallas. He does not appear to be headed for surgery or injured reserve, but it is another injury he will try to play through.
9. Joe Burrow, Bengals – $19.5 Million (8.61% of Cap)
The Bengals broke the bank on Joe Burrow before the season started with a 5-year deal worth $275 million. His cap hits will be reasonable for the next few years, but the Bengals had to wait a month while his calf injury healed before they started to see a return on their investment this season.
Burrow started this season poorly, as the offense looked like the worst in the league for 4 games. But starting with the Arizona win, Burrow has looked healthier, he has moved well, and he is getting back on track with accurate throws and leading touchdown drives.
Burrow’s performance in San Francisco was one of the best in his career, and after starting 1-3, the Bengals have swept the NFC West and look to be back on track for contending for a Super Bowl this season.
10. Deshaun Watson, Browns – $19.057 Million (7.57% of Cap)
If you think the Browns have some regrets now, imagine if Deshaun Watson is still struggling in 2024, when his cap hit balloons to $64 million. This is the cost of giving someone a fully guaranteed $230 million contract. Even if we set aside the off-field issues that led to this, that is a lot of money for a quarterback who has not won since the 2019 season.
The Browns are 3-1 when Watson starts this season, but even that is misleading, as he left the win in Indianapolis after 5 pass attempts. He lost the Pittsburgh game with a couple of turnovers returned for touchdowns, and his defense only allowed a field goal in easy wins over the Titans and Bengals.
Cleveland is still getting production out of Watson that is below what Jacoby Brissett did last season when Watson was suspended, and it is closer statistically to what Baker Mayfield did in his 2021 season with the team.
Not only does Watson need to heal from his shoulder injury and get back on the field, but he has to start playing well too or this is going to go down as the worst contract in NFL history.
