NFL MVP Josh Allen was rewarded with a significant contract extension on Sunday, worth $330 million, including a record-breaking $250 million guaranteed. This deal places him among the highest-paid players in the league. The Buffalo Bills confirmed the agreement, though the exact contract value was initially kept confidential by the team. The figure was later disclosed by sources familiar with the deal.
This new contract extends Allen’s commitment to the Bills for an additional two years, keeping him under contract through the 2030 season. The $250 million in guaranteed money surpasses the previous record set by Cleveland quarterback DeShaun Watson, whose five-year deal in 2022 included $230 million in guarantees. Allen’s new deal is second in total value, behind Patrick Mahomes’ 10-year, $450 million contract with the Kansas City Chiefs signed in 2020.
Dallas quarterback Dak Prescott currently leads the NFL in average earnings, with a four-year, $240 million contract extension signed last summer, translating to $60 million per season.
Josh Allen’s new contract comes after a standout seventh NFL season, where he became just the third player in Buffalo Bills history to win the NFL MVP, following running back Thurman Thomas, who won it in 1991. The new deal surpasses Allen’s previous contract, a six-year, $258 million extension signed with the Bills in August 2021.
Josh Allen has firmly established himself as one of the NFL’s top quarterbacks, breaking nearly every franchise record for single-season passing and scoring at his position. He has proven his critics wrong, who once doubted his accuracy and raw skills when the Buffalo Bills selected him with the seventh overall pick in the 2018 draft out of Wyoming.
Just as importantly, Allen has stabilized a position that had been in flux for the Bills ever since Hall of Famer Jim Kelly retired after the 1996 season. Under Allen’s leadership, Buffalo has won five straight AFC East titles and is currently on a six-year playoff streak.
Josh Allen earned the MVP award during a season where he made the most of a receiving corps that was considered less talented than previous years. Embracing the “Everybody Eats” mindset, Allen led Buffalo to a dominant AFC East title, clinching the division with five games still remaining in a 13-win season. This success came after the team traded top receiver Stefon Diggs to Houston and lost second receiver Gabe Davis to free agency.
Although Allen fell short of 4,000 passing yards for the first time since 2019, he had his most efficient season, throwing just six interceptions—a career low—after a challenging year in which he threw 18. He ended the season with 28 passing touchdowns, 12 rushing touchdowns, and even added a receiving touchdown after completing a pass to Amari Cooper, who lateralled the ball back to Allen.
Despite his personal and team success, the one thing missing for Allen is a Super Bowl appearance. The Bills made it to the AFC Championship game in both 2020 and the past season but lost to Kansas City on both occasions.
In addition to his football achievements, Allen’s personal life also saw a significant milestone. During the team’s bye week in mid-November, he proposed to actress and singer Hailee Steinfeld. Their relationship began in the spring of 2023 after photos surfaced of the couple having dinner together in New York City.
Josh Allen has credited Hailee Steinfeld for playing a crucial role in his career development. He described her as a constant source of support and encouragement, saying, “She’s been a huge part. The morale, the support. When I get home, she’s my biggest fan, my biggest supporter. She’s just the best.”
The new contract is also expected to help the Buffalo Bills create much-needed salary cap space as they enter the new league year, which begins Wednesday. The team had been close to the cap limit, especially after releasing veteran edge rusher Von Miller earlier in the day.
Additionally, the deal follows general manager Brandon Beane’s efforts to solidify the team’s young core. Over the past few weeks, Beane has secured contract extensions for key players, including fourth-year edge rusher Greg Rousseau and third-year players, linebacker Terrel Bernard and receiver Khalil Shakir, each signing four-year deals.
A two-time All-Pro, Josh Allen holds the record for the most wins, total touchdowns, and total yards by any NFL player through their first seven seasons, with 76 wins, 262 touchdowns, and 30,595 yards.
From a team perspective, Allen has set the top two single-season passing yards records for the Bills, with 4,544 yards in 2020. Last season, he surpassed Jim Kelly to become the franchise’s leader in total touchdowns, now sitting at 262. Some of the single-season team records Allen holds include the most touchdown passes in a season (37 in 2020), the most completions in a season (646 in 2021), and the highest completion percentage in a season (69.2% in 2020).