We know receiver Randall Cobb is going to make some bank this offseason. The bad news for the Green Bay Packers is he’s probably going to make more bank than we or they anticipated.
And perhaps that’s why Cobb’s deal isn’t done yet.
There were rumors that the Packers wanted to sign Cobb to a contract extension dating back to last offseason. It’s been suggested that the Packers will make every effort to get the deal done before free agency opens next month.
Yet, we’ve heard nothing positive on the Randall Cobb contract front.
Last summer, the Packers signed receiver Jordy Nelson to a contract extension that averages around $9 million per season over the length of the deal ($9.76 million annually on the additional years). Naturally, it was assumed that Cobb, whose resume is not nearly as impressive, would get substantially less than that.
That probably will not be the case.
NFL.com has suggested that Cobb will get more money than Nelson, simply because he’s five years younger.
Of course, more is a flexible term. It doesn’t necessarily mean a greater average salary, which seems at worst impossible and at best unadvisable. More could well mean the overall value of the contract, which would make more sense.
Nelson’s contract came in around $43 million. The actual extension part of it was four years for slightly over $39 million.
So the Packers could give Cobb “more” over a longer period, which is reasonable because he’s only 24.
Here are some more numbers to ponder.
Giants receiver Victor Cruz, who signed a new deal back in 2013, got just under $46 million total. The extension part of his contract was five years at $43 million. That’s $9.5 million annually for the five years of the extension.
On the flip side, Denver gave Wes Welker two years and $12 million back in 2013. That’s $6 million annually.
We’re noting these guys because they’re slot receivers like Cobb. One is young and one is old, but at the time they signed these contracts, they were considered among the best slot receivers in the game.
That tells us the floor for Cobb is likely $7 million annually. The ceiling is certainly a good deal higher.
That’s great Randall and awful for the Packers.
Before the season, we anticipated Cobb would get a deal around $5-6 million annually. Then an extension didn’t get done and he went out and had a career year. The Packers now have absolutely no leverage.
The only thing they have is this question. How much can we afford to invest in two receivers?
The answer, if they plan on keeping Cobb, could well be about $20 million a year.