Contract Extension Stock Watch: Part 2- Bengals

This article is the second of a 32-part series where we look at players from all NFL teams entering their contract year, their performance, and their team's financial situation. Staying in the same division, next up is the Cincinnati Bengals, and we'll be looking at 24-year-old wide receiver Tee Higgins as he enters his fourth year.

Production

A Clemson product, Higgins was drafted with the first pick of the second round in the 2020 NFL draft. He wasn't placed with high expectations for his rookie season as the third receiver behind A.J Green and Tyler Boyd playing for a rookie quarterback in Joe Burrow, but Higgins surprised essentially everyone, leading the team in receiving yards with over 900 yards. The next season, the Bengals added generational wide receiver Ja'Marr Chase in the first round of the 2021 draft, relegating Higgins to WR2, but Tee still thrived, posting his first 1000-yard season despite just playing in 14 games. In this past season, his third, Higgins continued his success, posting a stat line of 74 receptions, 1029 yards, and 7 touchdowns. The former Tiger is a mismatch for any team with his 6'4, 218-pound frame, strong athleticism, and sticky hands. He's established himself as a borderline top-10 receiver and potentially the best WR2 in the NFL. Not only that, he is part of what many believe is the deadliest offensive trio in the NFL (Burrow, Chase, Higgins). With all of these positives, a contract extension between the Bengals and Higgins should be reached sooner than later, right?

Contract Situation

Higgins is entering his fourth year in the NFL at 24 years old but as a former second-round pick, his contract does not have a fifth-year option. He will finish his 4 year, 8.6 million contract he signed as a rookie, forcing the Bengals to decide on his future within the next year. The Bengals currently have a cap space of 60 million dollars for the 2024 year, and despite future rookie and free agent signings, that's more than enough money to sign a wide receiver. However, Higgins' contract situation is not the only one the Bengals have to deal with. Starting linebacker Logan Wilson has his contract expiring this season, and most importantly, the Bengals desperately want to sign their franchise quarterback Joe Burrow to a long-term deal. Cincinnati has made it clear that their top priority is Burrow, and as a superstar playing the most expensive position in football, it would be hard to imagine him earning less than 52 million a year, the mark set by Lamar Jackson this offseason. Wilson could also be prioritized before Higgins as a leader of the Bengals' defense, but luckily for them, he should cost no more than 12 million a year. Now you might be wondering how much an extension for Higgins would cost, and it might surprise you. The wide receiver position has quickly become extremely lucrative, to the extent that it is now the second-most expensive position in the NFL. Recent extensions are always a good indication of market value, and two similar players in value would be D.K. Metcalf and A.J. Brown. The former signed a 3-year deal worth 72 million, while the latter signed for 4 years for 100 million on the dot. The assumption is that the worth of Higgins' contract would be no less than Metcalf's on a per-year basis, and that would certainly be a blow to the Bengals' financial situation. There are clearly reasons for Cincinnati to avoid extension talks with Higgins. Letting him go would make the front office's job much easier and they could focus on other contracts with less pressure. Additionally, Higgins is merely a WR2 who has never eclipsed 1100 yards and no WR2 has ever commanded the money he would command. Not to mention, Higgins' superior running mate, Ja'Marr Chase is a generational talent and is up for an extension beginning next offseason and would take at least 32 million for a deal to be reached. Finally, Higgins' agent is the same agent who was able to create the first-ever fully guaranteed extension in NFL history between Deshaun Watson and the Browns. This doesn't mean Higgins is looking for a fully guaranteed deal, but it is something to keep in mind for Cincinnati.

Conclusion

There are definitely many challenges presented to the Bengals' front office with Higgins, but in the end, both sides should come away happy with an extension. The team has made it clear that they love Tee, and at the NFL combine this spring, team executive Duke Tobin responded to trade rumors by telling them to "find [their] own [wide receiver]." Higgins has demonstrated his ability to be an elite wide receiver in the NFL, and I believe Bengals players will restructure their contracts to ensure a return for their WR2. Higgins is far too talented of a player and far too young to be let go, and I see Higgins staying in town for a deal of 4 years for 100 million with 40 million guaranteed to keep the Burrow-Higgins connection going.