In a move that flew under the radar, the Buffalo Bills have significantly increased Josh Allen’s compensation for the 2024 season, adjusting his contract in a way that could have far-reaching implications for the team’s financial future. According to Michael Ginnitti of Spotrac, the Bills bumped $30 million into Allen’s earnings for this year, a change that hadn’t been previously reported.
This maneuver comes after the team already restructured Allen’s contract in March to free up $16.7 million in cap space, which gave the Bills some breathing room under the salary cap. Ginnitti noted on X (formerly Twitter) that the latest adjustment reduces Allen’s cap hits for the upcoming seasons, slashing $17 million from 2024 and $13.3 million from 2026.
For a franchise gearing up for more significant financial challenges ahead, these adjustments could be crucial. The Bills have already made tough salary cap decisions, including the high-profile departures of Tre’Davious White and Mitch Morse, and a trade that sent star wideout Stefon Diggs elsewhere. These moves have left a hefty $31.096 million in dead cap charges for the 2024 season, further tightening the team’s financial flexibility.
A Looming Pay Raise for Josh Allen?
While Allen’s contract might seem massive at first glance—his six-year, $258.3 million extension signed in 2021 set new benchmarks at the time—the ever-rising quarterback market has surpassed that figure. As contracts for other signal-callers continue to escalate, there’s growing talk that Allen could soon be angling for a new deal, one that reflects the current market conditions.
Mike Florio of Pro Football Talk went so far as to suggest that Allen, despite already carrying massive cap hits in the coming years, is “underpaid.” Florio speculated that the Bills quarterback may soon push for a new contract, potentially making him the first NFL player to reach the $60 million-per-year mark. As Florio noted, “The Bills might not want to hear this… but Allen is underpaid. He should get a new deal.”
For now, though, Allen seems content. He’s publicly brushed off concerns about his salary, telling reporters over the summer that he’s confident his pay will eventually align with the market, but that his main focus is on football. “Everyone is going to have their day,” Allen said. “I’m happy that everyone’s getting what they’re worth… Everything else will take care of itself.”
The Bills’ Cap Strategy: Looking to the Future
The Bills’ brass, led by GM Brandon Beane, has been meticulous about managing their cap space for future flexibility. The league’s record-setting $30.6 million cap increase for 2024 gave them some relief, but Beane remains cautious about getting too comfortable. He emphasized that while the boost in cap dollars is welcome, the team must also think ahead to avoid “piling up a huge mess” in 2025 or 2026.
“Every dollar you can get helps,” Beane told The Associated Press. “We were conservatively planning for a number in the 240s. So to get the 255, I was smiling, yeah.”
With Allen’s contract now slightly restructured and the Bills making moves to manage their financial future, the team appears to be setting the stage for an offseason where they can make some significant decisions. Whether that includes re-negotiating with Allen to ensure his contract matches his growing stature remains to be seen, but for now, the Bills seem committed to keeping their financial house in order while pushing for a Super Bowl run.
