Contract Details For Patrick Peterson’s New Five-Year, $70M Extension

July 30, 2014

Update:

Mike Florio of Pro Football Talk has the complete breakdown of Cardinals CB Patrick Peterson‘s new five-year extension worth $70 million.

Peterson’s deal will keep him under team control through the 2020 season and he can make a total of $83.019 million or $11.859 million per year.
The extension itself is five years at $70.05 million with a signing bonus of $15.361 million.

Yearly breakdown:

2014: $15.361M signing bonus, fully-guaranteed base salary of just over $888,000.
2015: $11.619M base salary, $100,000 workout bonus. Salary becomes guaranteed on the fifth day of the 2015 waiver period.
2016: $9.75M base salary, $100,000 workout bonus. Salary becomes guaranteed on the fifth day of the 2016 waiver period.
2017: $9.75M base salary, $100,000 workout bonus. Salary becomes guaranteed on the fifth day of the 2017 waiver period. A “sizable chuck” of his 2017 salary becomes guaranteed in 2016.
2018: $11M non-guaranteed base salary, $250,000 workout bonus.
2019: $11M non-guaranteed base salary, $250,000 workout bonus.
2020: $12.05M non-guaranteed base salary, $250,000 workout bonus, a $250,000 reporting bonus.

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Ian Rapoport reports that Cardinals CB Patrick Peterson will receive a $15.3 million signing bonus as a part of his new five-year extension worth $70 million.

Rapoport adds that by 2016 $42.6 million of Peterson’s contract will be fully guaranteed.
Jason Cole points out that, as of now, only Peterson’s $15.3 million signing bonus guaranteed.
The total value of Peterson’s contract is just under $84 million when you factor in his final year and his fifth-year option salaries. (Albert Breer)

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Cardinals CB Patrick Peterson announced via his Twitter account that he has signed a five-year extension worth $70 million that includes $48 million guaranteed.

Happy to announce my 5 year extension with @AZCardinals! $70M and $48M Guaranteed!! #AZCardinals #P2Nation #YearOfTheCardinal

— Patrick Peterson (@RealPeterson21) July 30, 2014

Rand Getlin of Yahoo Sports reported earlier in the day that the Cardinals were “close” to an agreement with Peterson on a new contract, so it appears as though they were able to get the last remaining details hammered out.

Brian McIntyre points out that Peterson’s contract will average $14 million per year, which is in line with the extension signed by Seahawks CB Richard Sherman.
Although, the $48 million guaranteed will top the $40 million Sherman received as a part of his extension.
Peterson will now be under contract through the 2020 season.

Cardinals GM Steve Keim made it clear that a new contract for Peterson was a priority for them.

“We’ve made a concerted effort,” Keim said of trying to lock up Peterson. “We’ve been in negotiations. We’ve had some great talks with Joel Segal. We’re going to stay aggressive.”

He becomes the first players second in the round one of the 2011 draft to sign a long-term deal. This could end up having an impact on negotiations with other players in that draft class.

Peterson, 24, has quickly established himself as one of the best cornerbacks in the league and is even in the discussion for the best athlete in the game.

Last year, Peterson appeared in all 16 games and totaled 42 tackles, three interceptions and 13 pass defenses while contributing 198 punt return yards. Pro Football Focus rated Peterson the No. 16 cornerback in the 2013 season.