Inside the Jaxon Smith-Njigba deal

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Last week ended with the Seahawks picking up the fifth-year option on receiver Jaxon Smith-Njigba's rookie contract. This week began with Smith-Njigba getting his second contract. The four-year extension has a new-money average of $42.15 million, pushing the bar for receivers up from the $40 million annual average set last year by Bengals receiver Ja'Marr Chase. Here are the full details of the Smith-Njigba contract, per a source with knowledge of the terms: 1. Signing bonus: $35 million. 2. 2026 base salary: $1.250 million, fully guaranteed. 3. 2026 workout bonus: $250,000, fully guaranteed but must be earned. 4. 2027 option bonus: $30 million, fully guaranteed. 5. 2027 base salary: $1.530996 million, fully guaranteed. 6. 2027 workout bonus: $250,000, fully guaranteed but must be earned. 7. 2027 per-game roster bonus: $850,000 total, fully guaranteed but must be earned. 8. 2028 base salary: $18.837 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period. 9. 2028 workout bonus: $250,000, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period. 10. 2028 per-game roster bonus: $850,000 total, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period. 11. 2029 option bonus: $10 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2028 waiver period. 12. 2029 base salary: $19.9 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period. 13. 2029 workout bonus: $250,000, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period. 14. 2029 per-game roster bonus: $850,000 total, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2029 waiver period. 15. 2030 base salary: $32.2 million. 16. 2030 workout bonus: $250,000. 17. 2030 per-game roster bonus: $850,000 total. 18. 2031 offseason roster bonus: $3 million, due on the fifth day of the 2031 league year. 19. 2031 base salary: $37.7 million. 20. 2031 workout bonus: $250,000. 21. 2031 per-game roster bonus: $850,000 total. It's a total payout over six years of $195.167996 million, which works out to an average annual value from signing of $32.527 million. Factoring in the $26.567996 that was due to be paid under the prior two years of the contract, it's a new-money average of $42.15 million. The full guarantee at signing is $69.13 million, with $120.067 million guaranteed for injury at signing. The contract pays out $36.25 million in 2026, with another $32.63 million paid in 2027. Adding in the $19.937 million to be paid in 2028, and JSN will have $88.817 million over three years. That technically gives him $62.24 million in the first new year of the deal. The non-guaranteed years fall well under the new-money average; they're not fluff years aimed at driving up the APY. Yes, the four-year extension puts him under contract for six years. But the trend for high-end receivers is a four-year extension. Smith-Njigba got his without having to carry the injury risk through his fourth NFL season — and without playing for only $2.715 million in 2026. That's the hidden benefit for teams that delay signing a first-round pick until after the fourth year of his rookie contract. The team gets the player's services in the fourth season for peanuts, and the money lost by not doing an extension before year four will never be recovered. The…