Now that Jordy Nelson is locked up, it is widely assumed that the Green Bay Packers will turn their attention to fellow receiver Randall Cobb for a contract extension.
Cobb is in the final year of his rookie deal, which will pay him a little over $800,000 this season. So what does Cobb think about getting a new deal?
“I don’t believe I’ve done enough,” Cobb said Sunday, “and I think that’s on me.”
There’s some truth to that. Although Cobb is immensely talented and often seems like the only guy on the Packers’ offense who can make a play, he hasn’t put up top-tier receiver numbers.
He hasn’t reached 1,000 yards or 10 touchdowns receiving in any of his three NFL seasons. To be fair, he surely would have reached those numbers if he hadn’t missed 10 games in 2013.
With an extension, the Packers are essentially paying him on potential though. If you look at it from a financial standpoint, they’re lucky Cobb got injured in 2013.
So what is a potential-based deal worth?
Not the $8 million and up No. 1 receivers get annually. It’s probably worth something similar to what the Packers recently gave another guy with “potential.”
Last offseason, they handed safety Morgan Burnett a five-year deal worth a little over $26 million. That included an $8.25 million signing bonus and an average salary that’s a little more than $5.2 million per season.
That would tie up approximately $15 million in two receivers, when you add in Nelson’s $9 million-plus annual salary. Doable?
Most likely. The Packers just drafted three receivers, so they’ll be getting paid dirt (by NFL standards) for the next four years. Jarrett Boykin will be a restricted free agent after the season, but won’t command a huge deal.
So there’s still a good chance Cobb could get his new deal before the season begins.