Is the Jerry Jeudy Extension a Misstep?
The Cleveland Browns impact on free agency, to this point, has been minimal, and that makes sense, given their cap space situation. They re-signed most of their defensive line that had gone towards free agency and brought in a few new linebackers to replace those that did not return. But the biggest splash they made was trading 5th- and 6th-round draft picks for former Denver Broncos wide receiver Jerry Jeudy, pulling him from the languished hell of Mile High to try and rebuild his profile around the league. Jeudy has never had a 1,000-yard receiving season and has never caught more than 67 passes in a year, failing to fulfill the hype that came with him when he left Alabama.Cleveland has long been chasing Jeudy, making overtures last offseason for the receiver before ultimately trading for Elijah Moore who played for the New York Jets. Jeudy helps settle the wide receiver room, allowing for Moore to be the WR3 he is most fit to fill, and giving Cleveland someone to build around if WR1 Amari Cooper doesn't get an extension next offseason. But that's the thing: before Tuesday, Jeudy wasn't guaranteed to stay in Cleveland, as he had a 5th-year option decision hanging over his head. Cleveland was set to play the 2024 season with Jeudy on a $13m deal with the potential to let him walk in the offseason if he wasn't what they signed up for. Then Tuesday afternoon, general manager Andrew Berry's front office decided they wanted to get a little more security in the room and signed Jeudy to a three-year extension worth up to $58 million that includes $41 million fully guaranteed.
The #Browns and WR @jerryjeudy have agreed to a three-year contract extension worth up to $58 million, including $41 million fully guaranteed at signing, per me and @TomPelissero.
The deal was negotiated by @equitysports CEO @chriscabott. pic.twitter.com/ozzyd4Qps8— Ian Rapoport (@RapSheet) March 19, 2024
The contract numbers have not been fully conveyed yet, but on the face, this feels like an overpay. Some have noted that this likely includes that 5th-year option, a deal that would be worth $12.98m and would be fully guaranteed. That lowers the high volume number of $41m guaranteed to $28m in new money, which fits what other wide receivers have signed for this offseason. For reference, Tampa Bay Buccaneers Pro-Bowl WR Mike Evans re-signed with the only team he's known and got $29m in guarantees, and free agents Darnell Mooney and Gabriel Davis both signed with the Atlanta Falcons and Jacksonville Jaguars, respectively, for $26m and $24m in guarantees.At first blush, this feels right and wrong. The front office normally doesn't put more on the future than they need to, and the trade for Jeudy was a great mixture of need and value as a possible one-year player. If he balls out, you extend him and all is well. But now with money tied to him, it feels a little different. Jeudy has had a Browns-ian cavalcade of quarterbacks in Denver during his tenure but the best wide receivers get theirs even with crappy QBs. Garrett Wilson got 1,000 yards in his rookie year with Zach Wilson. Closer to home, we just watched Amari Cooper get 1,000-yard seasons with 3rd and 4th string guys throwing him the ball. Expecting him to get a bump in target share and play in Cleveland feels right, but waiting for him to prove it would have been my choice.It's possible that with the growing cap, $28 million in guarantees is becoming less money. Numbers continue to grow so looking at percentages becomes more important, and without seeing the new numbers in front of us for his new deal, we will use Mooney's and Davis's contracts as proxies. Mooney will be the WR2 in Atlanta and likely the 3rd target behind WR Drake London and TE Kyle Pitts, ((Sounds similar to Cleveland.)) and Davis will also fill in the same role behind Christian Kirk and Evan Engram in Jacksonville. Mooney's 2024 cap percentage will be 2.9%, and Davis's will be 1.8%; Jeudy's unworked 2024 would count as 1.2% of Cleveland's cap.The timing of the signing is what feels the most weird, at least to me. Signing Jeudy without seeing him on the field in orange and brown is the issue. The team has been after Jeudy for a long time, so in that regard, extending him makes sense. The pedigree is there, and the front office has had a history of being able to find talent at other positions, but wide receiver seems to be a possible blind spot, with the exception of Cooper, who was an All-World talent that Dallas was trying to cut because of salary issues. Moore was miscast as a WR2 last season and was banged up for most of the year, none of the drafted wideouts have done anything of note in the NFL. Donovan Peoples-Jones was a decent WR but was sent packing when he failed to do much in 2023, David Bell had had flashes but just that...flashes. And we don't speak about Anthony Schwartz. Does the front office have blinders on for Jeudy? Is this extension an indication that Cooper doesn't want to work out an extension of his own? Why not try to see what he has on the field before inking him to a deal? I am normally a Berry stan, standing in the gap for him with his moves, but this extension has me scratching my head.