Patriots fans and pundits might’ve jumped the gun in comparing JuJu Smith-Schuster’s contract to the one that Jakobi Meyers got from the Las Vegas Raiders.
On the surface, the deals looked nearly identical, confusing those — including Meyers — wondering why New England didn’t just keep the known commodity. The signing of Smith-Schuster was viewed as a lateral move, one that swapped Meyers for a marginally better player at basically the same price.
Except the deals really aren’t that similar. In fact, they’re quite different, according to multiple Thursday morning reports.
Meyers’ deal was reported as a three-year, $33 million agreement including $21 million guaranteed. And it is… kinda.
In reality, Meyers’ deal is a one-year contract that the Raiders can move on from next offseason. Meyers is guaranteed $10.5 million in 2023 ($5.5 million signing bonus, $5 million salary), but his 2024 cash doesn’t become guaranteed until next March. It essentially is a year-to-year deal that gives Vegas the option to release or trade Meyers with few financial repercussions.
Smith-Schuster’s contract is quite different. His three-year, $33 million contract contains $16 million fully guaranteed over the first two seasons, including a $7.9 million signing bonus and salaries of $1.1 million and $7 million in 2023 and 2024, respectively, according to Ben Volin of The Boston Globe.
Smith-Schuster’s contract is more player-friendly than Meyers’ deal. But it also is more team-friendly.
Smith-Schuster can earn up to $1 million each season in per-game roster bonuses. He also has receiving-yards incentives of up to $1.5 million in 2023 and $3 million in 2024 and 2025. Meyers’ contract, on the other hand, carries few incentives, with $1.5 million of his overall cash tied up in per-game/workout bonuses.
If both players wind up earning the full $33 million, Smith-Schuster only will do so after satisfying all of his receiving-yards incentives. Meyers just needs to meet roster and workout bonus requirements.
Additionally, Smith-Schuster’s projected yearly salary cap numbers are lower than Meyers’, according to Patriots cap guru Miguel Benzan.
None of this is to say that New England made the right choice in picking Smith-Schuster over Meyers. That point remains debatable.
The Patriots didn’t let Meyers walk because they planned to give the same contract to Smith-Schuster, whom they might view as an upgrade. They allowed Meyers to leave before giving a better contract to a receiver who will fill a similar role but has the potential to be an upgrade. The incentives in Smith-Schuster’s contract also indicate the Patriots know there are inherent risks in swapping him for the consistently productive and reliable Meyers.
Perhaps New England gave Smith-Schuster more guaranteed money than the Raiders gave Meyers because it panicked and needed to overpay after losing its top free agent. But that would be pure speculation.
Meyers, 26, led the Patriots in receiving yards each of the last three seasons, with a career-high of 866 yards in 2021. Smith-Schuster, also 26, enjoyed a resurgent season with the Kansas City Chiefs in 2022, racking up 78 catches for 933 yards and three touchdowns despite missing one game and most of another due to a concussion. His best season came in 2018, when he posts 111 catches for 1,426 yards and seven TDs for the Pittsburgh Steelers.
Meyers is more durable, consistent and sure-handed than Smith-Schuster, and also has a clear track record of succeeding in New England. Smith-Schuster is faster and better after the catch than Meyers. Both players are possession receivers who primarily play in the slot but also can move outside. They also basically are the same height, with Smith-Schuster a bit heavier.
So, yeah, there are many parallels between the two players, and they should be compared moving forward. But their contracts aren’t remotely similar, despite what you’ll hear on sports talk radio.
