Did Commanders get a steal with Terry McLaurin’s contract extension?

The entire Washington Commanders‘ fan base unleashed a collective sigh of relief when news broke late Tuesday afternoon that Terry McLaurin signed a three-year extension. In light of the distractions enforced by Dan Snyder and Jack Del Rio, the organization and its fans deserved a win of this magnitude.

If you celebrated the news as if the Commanders just defeated the Cowboys on Thanksgiving, believe us when we say you aren’t alone.

In a vacuum, the success of Washington’s offseason hung in the balance of McLaurin’s contract negotiations. Tension amongst fans increased when he didn’t report for OTAs and it only intensified after his absence from minicamp.

Clearly feeling the pressure to get their offense’s most important player signed, the Commanders upped the ante and got it done … with a month to spare before training camp at that, which benefits both parties for obvious reasons.

Speaking of benefits, how did Washington make out in McLaurin’s deal? On the surface, it’s a three-year, $71 million contract. When you look at the finer details, though, you might come to the realization that the team got a steal.

Let’s investigate.

Did the Commanders get a steal with Terry McLaurin’s contract extension?

For starters, the fact this isn’t a long-term contract is a big win for the Commanders. The extension runs through only the 2025 season, which will give McLaurin a chance to cash in again entering his age-31 season. A shorter contract was always in Washington’s best interest, so they deserve credit for getting it done.

Given this offseason’s exploded WR market, it’s impossible to say the franchise didn’t get a bargain here. Here are some of the biggest deals.

• Davante Adams: 5 years, $142 million ($65.67 MM guaranteed)
• AJ Brown: 4 years, $100 million ($57.22 MM guaranteed)
• Cooper Kupp: 3 years, $80 million ($75 MM guaranteed)
• Tyreek Hill: 4 years, $120 million ($72.2 MM guaranteed)
• Stefon Diggs: 4 years, $96 million ($70 MM guaranteed)
• DJ Moore: 3 years, $61.884 million ($41.61 MM guaranteed)
• McLaurin: 3 years, $71 million ($53.154 MM guaranteed)

Like we said, it’s impossible not to draw the conclusion that Washington made out like bandits with the structure of McLaurin’s deal. In fact, according to FanSided insider Matt Verderame, league sources believed the former Ohio State star would ink a contract similar to Brown’s contract with the Eagles.

There’s an argument to be made that McLaurin is the superior receiver to Brown … and he’s only missed three games in three years compared to Brown’s six and the newly-minted Eagle is seemingly always dealing with an ailment.

Here’s where McLaurin ranks among the NFL’s highest-paid wideouts.

• Signing bonus ($28 million): 1st
• AAV ($23.33 million): 7th
• Total guaranteed ($53.14 million): 10th
• GTD at signing ($34.6 million): 15th
• Contract value ($70 million): T-12th

Again, the contract only being three years is crucial here as it helped the front office keep the overall numbers below market value. That shouldn’t matter to McLaurin, however, as the 26-year-old will become one of the highest-paid receivers over the duration of his contract thanks to guarantees and his annual salary.

To conclude, Washington DID get a steal with this contract as it was long theorized he’d sign a deal worth north of $100 million in total value and $25 MM per year.

The fact those numbers checked in at $71.3 MM and $23.33 (that can jump to $23.6 MM per Jeremy Fowler) and he ranks no higher than seventh at the position in every major category sans signing bonus is stunning but equally satisfying.

Everyone involved deserves a round of applause.