Less than six months ago, Michael Penix Jr. was leading his Washington Huskies team to the College Football National Championships.
Fast forward to this afternoon, June 24. He is now officially an Atlanta Falcons quarterback.
Falcons first-round pick Michael Penix Jr. officially signed his standard rookie four-year contract worth $22.88 million. pic.twitter.com/0qKXBDniEv
— Adam Schefter (@AdamSchefter) June 24, 2024
Credit: Adam Schefter/X
As previously reported last week, and now confirmed by the Falcons, Number eight 2024 Draft pick Penix Jr. now has a rookie contract, estimated to be $22.8 million in total value, according to NFL insider Adam Schefter. This makes Penix Jr. the 34th highest-paid quarterback among active NFL quarterbacks. (Starting QB Kirk Cousins, at 180 million, is 10th on Over The Cap.com’s ranking of NFL quarterbacks.)
According to Over The Cap.com, Penix Jr.’s base salary is $795,000, which will be 0.3% against the salary cap. None of the money is fully guaranteed.
Previous reports indicated Penix Jr. was getting a four-year contract with a $13.46 signing bonus and a fifth-year option, but the Falcons have not released the terms of his deal, only that he has signed a rookie deal with the team.
Photo credit: Atlanta Falcons
