Just ahead of the NFL’s Tuesday deadline, the Denver Broncos have exercised wide receiver Jerry Jeudy’s fifth-year contract option, NFL Network’s Tom Pelissero first reported on Monday.
By picking up the option, the Broncos have now ensured that Jeudy will be under contract for the 2024 season. Entering the fourth year of his rookie deal, Jeudy was already under contract for the upcoming 2023 season.
Jeudy, 24, is set to have a base salary of about $2.68 million this fall with a salary cap hit just north of $4.83 million. Next year, on his contract option, Jeudy’s salary will increase to $12.987 million.
Even after a significant increase in pay next season, Jeudy will still be a relative bargain for Denver in 2024. Jeudy’s cap hit will rank 27th among receivers next year, behind teammates Courtland Sutton (18th, $17.325 million) and Tim Patrick (26th; $13 million).
If the Broncos want to keep Jeudy long-term, they will eventually have to work out a contract extension, but for now, picking up his option ensures that Jeudy is signed through at least the next two seasons.
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