The “insider” truth about the NFL salary cap? Any of us can make the numbers dance almost however we wish.
A best example?
The Pittsburgh Steelers made one of the most monumental trades in franchise history this offseason by acquiring D.K. Metcalf from the Seattle Seahawks for a 2025 second-round pick.
Why “monumental”? Because it’s also one of the richest deals ever given, too.
It is, on paper, billed as a “four-year contract extension worth $132 million.”
So, do the math: That’s $33 million APY, putting Metcalf in the very top echelon among the league’s non-QBs.
But ESPN’s Dan Graziano is here to spin this in another direction, calling it a “pretty sweet deal” for the Steelers.
Why does he see it as what has come to be called “team-friendly”?
“This looks like a pretty sweet deal for Metcalf,” he says. “But in the current galaxy of top wide receiver contracts, this one isn’t so bad for the team. The Steelers will pay the 27-year-old Metcalf $35 million this year — a $30 million signing bonus and a $5 million salary — and $25 million in 2026.
“After that, it’s completely up to them. His 2027 salary of $20 million never becomes guaranteed …”
That’s all true. And it’s also quite common for a “long” contract to feature what we call an “escape hatch” at some point before the seeming official length of the deal.
So yes, because the deal is escapable even though it appears that the 27-year-old is contractual tied to Pittsburgh until 2030. … in a sense this can actually be “just a two-year commitment.”
But wait.
Let’s do some more math.
Along with the trading for Metcalf, and the “four years,” he also got $60 million guaranteed.
So even in the unlikely event that this thing is a disaster, Pittsburgh is still on the hook for $30 million per year for 2026 and 2027. And if you look at the NFL’s highest-paid wide receivers list, you see two things about Metcalf …
- 1. Cincinnati Bengals WR Ja’Marr Chase: $40.25 million
- 2. Minnesota Vikings WR Justin Jefferson: $35 million
- 3. Dallas Cowboys WR CeeDee Lamb: $34 million
- 4. Pittsburgh Steelers WR D.K. Metcalf: $33 million
- 5. Philadelphia Eagles WR A.J. Brown: $32 million
- 6. Detroit Lions WR Amon-Ra St. Brown: $30.003 million
- 7. Miami Dolphins WR Tyreek Hill: $30 million
- 7. San Francisco 49ers WR Brandon Aiyuk: $30 million
- 9. Cincinnati Bengals WR Tee Higgins: $28.75 million
- 10. Miami Dolphins WR Jaylen Waddle: $28.3 million
One, he is presently listed as the fourth-highest-paid wideout in NFL history.
And two, even in Graziano’s generous view of “sweetness,” if the Steelers unhappily dump him after two poor years, D.K. will still be in the top seven highest-paid guys.
So while ESPN insists “this is a nice deal for Pittsburgh,” the truth is, it’s only “nice” if Metcalf either performs like he’s around the fourth-best wideout in the NFL or like he’s the seventh-best wideout in the NFL.
And if Pittsburgh dumps him at age 29 in two years to save $26.5 million via that “escape hatch”? It’s unlikely this will have been viewed as a “sweet deal.”
