TAMPA, Fla. -- The cloud of uncertainty surrounding the Tampa Bay Buccaneers and quarterback Baker Mayfield has lifted.
Just five days before the start of their regular season, Mayfield and the Bucs struck a deal on a three-year contract extension that sources told ESPN's Adam Schefter and NFL Network's Ian Rapoport is worth $165 million.
Mayfield and the Bucs had broken off talks just before the start of training camp, and they had not begun speaking again until this past weekend, sources told ESPN. The parties were able to come together on an agreement that keeps Mayfield in Tampa through the 2029 season.
"Baker's arrival marked an important new chapter for our organization, and over the past three years he has established himself as the unquestioned leader of our franchise," Bucs owner Joel Glazer said in a statement Tuesday. "This contract -- the largest in the history of the Tampa Bay Buccaneers -- reflects our belief in Baker, and his leadership both on and off the field. His competitive spirit, resilience and commitment to winning embody everything we want in our players."
The Bucs had felt their offer of two years and $50 million was competitive and not far off, sources had told ESPN's Jeremy Fowler. But Mayfield and his agent Tom Mills still felt the deal was light, as it would have ranked him 13th in salary among NFL quarterbacks. The new deal averages $55 million per season, tied for third highest in the league.
It should be noted that Mayfield said he never intended to reset the market but that he wanted to be compensated for what he accomplished with two straight NFC South division titles and a 2023 playoff victory. Statistically, he also put together one of the best seasons of any quarterback in the league in 2024.
According to sources familiar with the thinking of the quarterback and his representative, Mayfield's refusal at the previous offer was done with an eye on the future, as several top signal-callers are in line for new deals, including C.J. Stroud, Lamar Jackson, Caleb Williams, Drake Maye and Bo Nix. Plus, the NFL salary cap is expected to rise in the coming year.
Mayfield had set a deadline of training camp for all contract negotiations and said that if it was not met, discussions would not revisited until after the season. Mayfield said that Mills could still approach him but only if the Bucs presented an offer that they felt was respectable. Mayfield also wanted a deal that showed more of a long-term commitment.
Tampa Bay general manager Jason Licht had said during the WFLA broadcast of the Bucs' third preseason game that he was "very optimistic" Mayfield would be back beyond 2026.
"He wants to play," Licht said at the time. "He wants to prove to us that he is the franchise quarterback that we said that he was. So, we'll just have to see how it plays out. I'll never close the door on anything in the short term, but right now, he's focused on football."
When asked four days later if the team's ownership was comfortable with the type of figure Mayfield was asking for -- especially given the Bucs' history of signing journeyman quarterbacks to short-term deals -- Licht said, "You're always comfortable with a great player and you make things work."
The Bucs' previous high for a quarterback was Mayfield's own current contract -- three years and $100 million, which averages $33.33 million annually. After that, it was Tom Brady, who played on a two-year deal worth $50 million.
Mayfield is the second player Licht and the Bucs have signed to long-term extensions over the past month, despite both players having publicly expressed dissatisfaction over negotiations.
Last month, the Bucs inked defensive tackle and training camp hold-in Vita Vea to a contract extension after he requested a trade.
Vea then advocated for the Bucs to do the same with Mayfield, saying, "Baker is the heart and soul of this team. ... I hope things get figured out with him. I know we'd all love to have him. Everybody loves Baker. That's somebody that you wish to have on your side on game day."