Baker Mayfield agrees to new three-year contract to remain with Tampa Bay Buccaneers

Baker Mayfield is staying with the Tampa Bay Buccaneers for the foreseeable future after reportedly agreeing to a deal for three years, $100 million with his current franchise this weekend. NFL insider Ian Rapoport reported on Sunday that the new deal includes $50 million guaranteed.

“I wanted a chance to come back,” Mayfield said, confirming his new contract. “I love coach Bowles and the staff. I’m happy to be here and I want to win more in the postseason.”

Mayfield, 28, is coming off his best season as a pro, throwing for 4,044 yards, 28 touchdowns and 10 interceptions on 64.3% passing. His passer rating of 94.6 was the second-highest of his career. He earned his first career Pro Bowl nomination and led the Buccaneers to their third consecutive NFC South title.

Mayfield rehabilitated his career in Tampa Bay after spending time with three teams (Cleveland Browns, Carolina Panthers, Los Angeles Rams) in a span of a year. The 2018 No. 1 overall pick out of Oklahoma signed a one-year deal worth $4 million guaranteed with the Buccaneers last offseason, a contract which went down as one of the best bargains around the league in 2023.

The Buccaneers are also running it back with wide receiver Mike Evans and safety Antonio Winfield Jr. Tampa Bay placed the franchise tag on Winfield Jr. last week.

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 are set to 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.

More on restricted, exclusive rights free agents

Players with only three years of accredited NFL experience become restricted free agents. Their original team will have the option to apply first-round, second-round, original-round, and right-of-fight-of-first-refusal tenders on players at escalating price tags. The higher the round, the more expensive the tender amount; however, if a separate team does offer a contract and the original team does not match that round pick will be conveyed from the new team to the original team. Right of first refusal only gives a team the option to match or not. If they don’t match, they get nothing in return. An original-round tender would send a draft pick from whatever round the player was drafted back to the original team if they chose not to match. The original team will have five days to match once a player signs an offer sheet from a new team.