Bills, Josh Allen agree to extension with record $250M guaranteed

Josh Allen is the latest player to cash in on the record spending across the NFL.

The reigning MVP and the Buffalo Bills have agreed to a contract extension, the team announced Sunday. It’s a six-year, $330 million deal with $250 million guaranteed, ESPN reported. The guaranteed money sets a new record for the most guaranteed money on a contract in NFL history.

Allen’s record deal will also place him among the highest-paid quarterbacks on an annual basis. 

[Related: The Bills get ahead of the next wave of QB raises]

The $55 million average annual value on Allen’s contract is tied for the second-highest among all players in the league, trailing only Dallas Cowboys quarterback Dak Prescott ($60 million). Cincinnati Bengals quarterback Joe Burrow, Green Bay Packers quarterback Jordan Love and Jacksonville Jaguars quarterback Trevor Lawrence are the other players who are making $55 million per year.

[Related: The NFL’s highest-paid players at each position]

Prior to the extension, Allen had four years remaining on a six-year, $258 million deal that he signed ahead of the 2021 season. While that deal made Allen one of the highest-paid quarterbacks in the NFL at the time, his $43 million average annual salary was lagging behind several other top quarterbacks, ranking 14th in the league.

Allen’s new deal will go in place of his old one, keeping him under contract through the 2030 season.

Allen, 28, has been the catalyst for the best era of Bills football since their run of four straight Super Bowl appearances in the early 1990s. He’s led the team to five straight AFC East titles and six consecutive postseason appearances. Buffalo has won at least one playoff game in each of the last five years.

This past season was Allen’s best yet. He threw for 3,731 yards, 28 touchdowns and six interceptions to go with 531 rushing yards and 12 rushing touchdowns.

As a result of his strong play, Allen won MVP for the first time in his career, edging out Baltimore Ravens quarterback Lamar Jackson in a tight vote. His play also helped the Bills go 13-4 in the regular season.

Allen beat out Jackson in the postseason as well, leading the Bills to a win over the Ravens in the divisional round. However, Allen and the Bills fell to a familiar foe in the AFC Championship Game, losing to Patrick Mahomes and the Kansas City Chiefs. The 32-29 loss marked the closest the Bills have come to reaching the Super Bowl since their stretch in the early 1990s.

Now, the Bills will look to retool in hopes of getting over the hump in 2025. In addition to Allen, they’ve extended wide receiver Khalil Shakir, defensive end Greg Rousseau and linebacker Terrel Bernard this offseason. 

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