Justin Jefferson contract extension: Projecting how Vikings WR's new deal could compare to Tyreek Hill, Davante Adams

When the Vikings traded Stefon Diggs to the Bills during the 2020 NFL offseason, there was concern about how they would replace the talented receiver.

Minnesota had Adam Thielen on the roster, so it had one receiver spot locked down. However, the team needed to add another quality receiver to pair with Kirk Cousins in order to make the offense a bit more threatening.

As such, the Vikings turned their attention to the 2020 NFL Draft, which was thought to be loaded at the receiver position. Henry Ruggs, Jerry Jeudy and CeeDee Lamb were getting the most attention among first-round receivers, but the Vikings — armed with the 22nd pick after the Diggs trade — were eyeing another well-regarded receiver.

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That would be Justin Jefferson. The LSU product was considered by most to be a top-four receiver in the loaded class, yet the Vikings managed to get him as the fifth wideout off the board after the Eagles shockingly decided to take Jalen Reagor at No. 21.

Suffice to say that the Vikings' pick has worked out. Jefferson has blossomed into the NFL's top receiver and recorded 324 catches, 4,825 yards and 25 touchdowns over his first three years in the league. He is set to tie Lance Alworth as the fastest receiver to record 5,000 yards in league history (52 games) and has been the driving force behind Minnesota's passing-game success since being drafted.

Jefferson's performance turned the Diggs trade into a rare win-win for the Vikings and Bills. But with Jefferson in his fourth season, the Vikings soon have a question to answer about their top receiver.

How much are they willing to pay him to continue playing for the team?

It is a foregone conclusion that the Vikings will do everything they can to re-sign Jefferson. That includes making him the highest-paid receiver in the NFL.

But when will that be? Here's what to knock about Jefferson's current contract and when he might sign a lucrative, long-term extension with the Vikings.

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Justin Jefferson contract extension rumors

Jefferson and the Vikings discussed a contract extension during the 2023 NFL offseason, and there was some optimism that a deal could be struck on eve of the season.

However, the two sides did not come to an agreement before the start of the regular season. As such, the two parties are planning to table talks until after the 2023 NFL season despite their mutual desire to lock down a deal.

"Of course, I would want a contract to be done," Jefferson told reporters when asked about an extension, per ESPN. "But at the end of the day, it is all up to them and what the ownership wants to do with that."

While Jefferson has expressed that milking all he can out of a contract extension isn't necessarily his No. 1 concern, he also knows that he deserves to be highly compensated based on his performance to date.

He is also aware that because he started the negotiation process early, he isn't facing a hard deadline to get a deal.

"I'm in a different situation," he said. "I've done something that no one has ever done in the history of the game. So my situation is a little bit different than everyone else's. Of course, I'm going into my fourth year, trying to talk about contract two years early. There's so many different parts that go in towards it. That's why I leave it up to my agent and just keep my mindset on the field."

That attitude is helping Jefferson to stay focused on the task at hand: leading the Vikings to another winning season.

"All I can do is play football, and that's what I continue to do," Jefferson said after the Vikings' Week 1 loss to the Buccaneers, per CBS News. "I know my team. My team doesn't care about the contract, and I don't, either. I just want to be here for my teammates, play for my teammates, and of course get these wins."

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When does Justin Jefferson's contract end?

Jefferson is still on his rookie contract, which won't end until after the 2024 NFL season. He is in the fourth and final year of his base deal, but the Vikings unsurprisingly picked up his fifth-year option for next season. That will keep him on board for next season at a rate of about $19.7 million as opposed to his $2.4 million salary for this season.

While Jefferson's contract ends in 2024, the Vikings will still be able to exercise team control over him relatively simply through 2025. If the two parties can't agree to a contract extension next offseason, the team could slap him with the franchise tag to either keep him on the roster for one more year in Minnesota or to facilitate a trade.

Using the franchise tag on Jefferson seems unlikely at this point, as the two sides don't appear to be too far off on a potential extension deal. Still, the Vikings can operate next offseason knowing that they have a security blanket in case things deteriorate.

Justin Jefferson contract details

As mentioned, Jefferson is still on his rookie contract, the base value of which was worth $13,122,805  million over four years.

That said, the total value of Jefferson's rookie contract will be worth roughly $30.9 million thanks to the $19,743,000 fifth-year option on which the now-veteran receiver will play in 2023.

Below is a full breakdown of what Jefferson's contract looks like each year, per Spotrac.com:

It's worth noting that the Vikings and Jefferson could have restructured his contract before this season to add value to it without giving him an extension. However, the two parties appeared to be more focused on working out a longer-term deal to make the 24-year-old one of the NFL's highest-paid receivers.

MORE: Breaking down Justin Jefferson's struggles vs. Darius Slay in 2022

Highest paid WRs in the NFL

Currently, Tyreek Hill is the highest-paid receiver in the NFL in terms of average annual value (AAV). He is the only receiver in the league set to make $30 million per season as a part of his current contract.

Below is a look at the NFL's highest-paid receivers in terms of AAV, per OverTheCap.com:

That said, while Hill is set to earn the most annually, Davante Adams has the richest contract in terms of total value. He is set to be paid $140 million over the duration of his contract with the Raiders.

Below is a look at the NFL's highest-paid receivers in total value, per OverTheCap.com:

Jefferson seems likely to blow past both of those high-water marks; and with them, he should also surpass the $75 million in guarantees given to Cooper Kupp as the most guaranteed money given to a receiver in NFL history.

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Justin Jefferson contract projection

• Years: Five
• Total value: $170 million
• AAV: $35 million
• Guarantees: $110 million

There's little doubt that Jefferson will be the highest-paid receiver in the NFL when he signs his extension. The only question is exactly how the deal will be structured given that he is expected to be the NFL's highest-paid receiver by all metrics.

There isn't another wideout deal that will be comparable to Jefferson's. He has been as productive as Hill, Adams and Kupp, but it is expected that he will be 25 years old when he inks his extension. By comparison, Hill was 28 when he signed his deal, Adams was 29 and Kupp was six days shy of his 29th birthday as well.

So, Jefferson still has upside as a part of his deal that the others do not.

As such, it makes sense for Jefferson to be compensated at a similar rate to another player who recently became the highest-paid at his position. That would be Nick Bosa, who signed a five-year, $170 million deal with the 49ers just before the 2023 NFL season began.

Like Jefferson, Bosa signed his extension at age 25, has a history of elite-level production and is arguably the best at his position. One can argue that T.J. Watt or Myles Garrett is better than him, but Bosa's relative youth makes him the best investment.

MORE: Nick Bosa vs. Joey Bosa contract: Comparing NFL brothers' deals

And for those wondering whether Jefferson could blow past Kupp's high-water mark of $75 million in guarantees, consider this: Bosa was able to get $122.5 million in guarantees despite missing most of the 2020 season with a torn ACL. By comparison, Jefferson didn't miss a single game in his first three seasons.

Still, the Vikings tend to be picky about the way they structure guarantees into their contracts. As ProFootballTalk's Mike Florio has noted, the Vikings "typically insist on a structure that entails injury guarantees that don’t become fully guaranteed until the year the money is earned. It gives the Vikings an annual out, as long as the player is healthy."

As such, Jefferson may not quite get the $122.5 million in guarantees that Bosa got. Still, he should crack nine figures in that area and may get closer to that number than expected if Minnesota makes an exception, as it did for Kirk Cousins, per Florio.

Either way, as long as Jefferson stays healthy, expect him to reset the NFL's wide receiver market similarly to how Bosa reset the league's edge rusher market.