The Cincinnati Bengals surprised the NFL when they finalized contract extensions for both Ja’Marr Chase and Tee Higgins. After a long contract dispute, the Bengals agreed to deals with both players. Chase’s contract will be worth $161 million with $112 million guaranteed, while Higgins’ contract is reportedly worth $115 million.
It won’t be long before the Los Angeles Rams run into the same predicament with their own players. It’s a big reason why the team has left future years open in recent free agent contracts. As it stands, the Rams have the second-most cap space heading into 2027 at $256 million. In other words, they don’t have any future contracts on the books.
That won’t be the case for long as players like Puka Nacua and Jared Verse come up for contract extensions. Non-first-round NFL rookies are eligible for a contract extension after three seasons in the league. This means that players drafted in the second round or later can negotiate and sign an extension starting in the offseason after their third year. Nacua will play his third season in the NFL in 2025 making him eligible for an extension next offseason.
Part of the issue with the Bengals is how long they waited to extend both Chase and Higgins. Had the Bengals extended Higgins rather than giving him the franchise tag, his deal likely would’ve been in the range of $22 million to $23 million rather than the agreed $28 million. Had the Bengals gotten a deal done with Chase last offseason, they may have been able to sign him for $33 million per year rather than the $40 million they agreed to this week.
Unfortunately for the Rams, they have no choice but to wait for Nacua as he isn’t eligible until next offseason. At the same time, it’s also a lesson on why the Rams should get his deal done earlier rather than wait or potentially use the franchise tag. The earlier that the Rams can get a deal done, the better.
Finding that balance, however, isn’t always easy. The timing of paying players is always a delicate balance and the Rams will be walking that line over the next few offseasons. Pay too early and they risk a Todd Gurley and Jared Goff situation. The Rams would have been better off waiting in both scenarios. However, if they wait, they risk ending up as the Bengals or Dallas Cowboys where the price for the player only goes up. The Bengals cost themselves approximately $10 million per season, which is the equivalent of one quality free-agent starter each year.
The question really becomes what can the Rams expect to pay Puka Nacua next offseason when he becomes eligible. If he is a player that they see as a building block or a pillar for the next era, he is a player that they will want to lock up as soon as possible.
It’s almost certain that the Rams do see Nacua as a future building block. At the same time, the Rams have shown that as long as they provide Sean McVay with a certain wide receiver archetype, that player can succeed. That isn’t to say that the Rams shouldn’t pay Nacua. However, they also won’t want to overpay.
Over The Cap has yet to take the Chase and Higgins contracts into account. Still, if you slot Chase in at $40 million and Higgins at $28.75 million per year, you begin to see a picture. An argument could be made that Nacua is a top three wide receiver. Despite limited action last season, Nacua led the NFL in yards per route run and was third in target share. This is after a historic rookie season. Nacua has earned a big contract.
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Over The Cap
With that said, it’s also hard to see the Rams giving Nacua $40 million or even something in the realm of Justin Jefferson, CeeDee Lamb, or AJ Brown. At the very least, the Rams are likely looking at something in the range of Brandon Aiyuk and Amon-Ra St. Brown which is $30 million per season. Depending on how much the salary cap rises next season, that number could also increase.
Over the past two seasons, Nacua has been one of the best deals in the NFL. The former fifth round pick was an $811,000 cap-hit as a rookie and a $976,000 cap-hit last season. He’ll make just over $1 million in 2025 and is certainly worth much more than that. If Nacua is able to stay healthy, he will deserve a top-10 wide receiver contract.
Again, the important part here is that the Rams find that balance between paying a player too early and waiting until the player’s price goes up. That’s not always an easy line. However, Nacua is a player that the Rams will want to get done as soon as possible.
Also up for extensions next offseason will be Zay Flowers, Jaxon Smith-Njigba, Jayden Reed, and Marvin Mims. While Flowers and Smith-Njigba could demand large contracts, it is likely that Nacua will out-earn all of those players. That’s another reason why it will be important for the Rams to get Nacua done first. The last thing they want is for Flowers or Smith-Njigba to have breakout seasons and force the Rams to match a higher price.
The Bengals made Higgins the highest-paid WR2 in the NFL. Given that Nacua will be the leading wide receiver for the Rams, the team will have to beat that number. Nacua will be eligible for a contract extension next offseason. At that point, it will become even clearer what the Rams will owe their top wide receiver.