Inside the Ja'Marr Chase deal

The Bengals have paid superstar receiver Ja'Marr Chase. Under the strict new-money APY analysis, he's now the highest-paid non-quarterback in NFL history — at $40.25 million per year.

But the devil always resides in the details — and, as shown below, the devil has taken a pitchfork to that $40.25 million number.

Here are the details, per a source with knowledge of the terms:

1. 2025 offseason roster bonus: $32 million, fully guaranteed.

2. 2025 offseason workout bonus: $100,000, fully guaranteed but must be earned.

3. 2025 base salary: $8.07 million, fully guaranteed.

4. 2025 per-game roster bonus: $1 million total, fully guaranteed but must be earned.

5. 2026 option bonus: $15 million, fully guaranteed.

6. 2026 offseason workout bonus: $100,000, guaranteed for injury at signing and fully guaranteed on the fifth day of 2026 league year (but must be earned).

7. 2026 base salary: $17.73 million, fully guaranteed.

8. 2026 per-game roster bonus: $1 million total, guaranteed for injury at signing and fully guaranteed on the fifth day of 2026 league year (but must be earned).

9. 2027 option bonus: $5 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2026 league year.

10. 2027 offseason workout bonus: $100,000, guaranteed for injury at signing and fully guaranteed on the fifth day of 2027 league year (but must be earned).

11. 2027 base salary: $23.9 million, guaranteed for injury at signing and fully guaranteed on the fifth day of the 2026 league year.

12. 2027 per-game roster bonus: $1 million total, guaranteed for injury at signing and fully guaranteed on the fifth day of 2027 league year (but must be earned).

13. 2028 offseason workout bonus: $100,000.

14. 2028 base salary: $31.9 million, $7 million of which is guaranteed for injury at signing and becomes fully guaranteed on the fifth day of the 2027 league year.

15. 2028 per-game roster bonus: $1 million total.

16. 2029 offseason workout bonus: $500,000.

17. 2029 base salary: $43.316 million.

18. 2029 per-game roster bonus: $1 million total.

The deal includes an annual $250,000 incentive triggered by 65-percent playing time and the Bengals winning the Super Bowl.

The deal pays out $73.9 million fully guaranteed at signing, with another $30 million that vests as fully guaranteed in March 2026. In March 2027, another $8.1 million becomes fully guaranteed.

The practical guarantee is $103.9 million, since the Bengals won't be cutting Chase before next March. And he's likely guaranteed to earn the full $105 million over the next three years.

If he's still playing at a high level, he'll likely get the $33 million in 2028, too. The red flag is 2029 — a team-held option at $44.816 million.

That's what we call a phony-baloney back-end number aimed at pumping up the new-money APY. If we drop 2209 from the equation, the five-year, $182.816 million deal (four years, $162 million in "new money") becomes a four-year, $138 million deal.

Given the "old money" of $21.816 million, that leaves three years at $116 million in new money. For a far more accurate "new money" average of $38.728 million.

It's still good, but not $40.25 million. And it makes Chase, in reality, not the highest-paid non-quarterback in NFL history.