Jacksonville Jaguars to sign Josh Allen to massive five-year deal after franchise tag

The Jacksonville Jaguars are reportedly closing in on a brand new contract extension for star edge rusher Josh Allen, according to NFL insider Ian Rapoport. The team initially placed the franchise tag on Allen for the 2024 season, but it was considered a temporary tag to continue negotiations. Now, the former first-rounder is due to sign a five-year extension that will make him one of the highest-paid players at his position. The five-year deal comes with a $150 million price tag, according to Adam Schefter.

Without an extension, the Jaguars would have paid Allen roughly $24 million for a single season. Instead, he’s now locked into a long-term deal to remain with Jacksonville through the 2028 season. He’ll make roughly $30 million a year on his new contract extension. Allen will be the second-highest-paid edge rusher in the league behind only 49ers’ Nick Bosa.

This season, Allen earned his second Pro Bowl invitation while recording 66 tackles, 17.5 sacks and 33 QB hits in 2023. He set the Jaguars’ new franchise record for single-season sacks. His previous career-high of 10.5 sacks came as a rookie for Jacksonville in 2019.

The Jaguars drafted Josh Allen with the No. 7 overall pick in the 2019 NFL Draft out of Kentucky. He became an immediate impact player for Jacksonville. After the first four years of his rookie contract ran out, the Jaguars opted to exercise his fifth-year option for $10.892 million. 

With Allen now due to sign an extension, there are just two franchise-tagged players left without long-term deals ahead of the 2024 season. Safety Antoine Winfield Jr. and wide receiver Tee Higgins are still looking for extensions.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who will become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.