The Tampa Bay Buccaneers were eliminated from the postseason on Sunday when they were defeated 31-23 by the Detroit Lions in the divisional round. Attention swiftly turns to the offseason for general manager Jason Licht, where re-signing quarterback Baker Mayfield will take priority. Mayfield is expected to remain with the Buccaneers.
Mayfield completed 26-of-41 passing attempts for 349 yards, three touchdowns, and two interceptions versus the Lions. His second interception came in the dying minutes, crushing any last-minute hope the Buccaneers had of sending the game to overtime. It wasn't reflective of Mayfield's season-long play, though.
Mayfield enjoyed an outstanding regular-season campaign. The former No. 1 overall selection threw for career highs in passing yards (4,044) and touchdowns (28) en route to an NFC South title. The Buccaneers then won a playoff game, dominating the once-perceived Super Bowl-contending Philadelphia Eagles 32-9 in the wild-card round. Mayfield was near flawless, throwing for 337 yards and three touchdowns while committing zero turnovers.
The Buccaneers signed Mayfield to a one-year contract last offseason worth up to $8.5 million through incentives. The deal contained a manageable $4 million in guarantees. Difficulties against the 2023 salary cap limited Tampa Bay's options to replace the retiring Tom Brady, and Mayfield was identified as an affordable bridge-type option after he previously washed out in Cleveland and Carolina. It worked out better than anyone could have imagined.
Mayfield proved to be an outstanding fit in offensive coordinator Dave Canales' scheme, which suits head coach Todd Bowles’ beliefs. Mike Evans and Chris Godwin served as reliable go-to weapons for Mayfield. Sophomores Rachaad White and Cade Otton also became significantly more impactful players in 2023.
Quarterback contracts have ballooned over $300 million, but Mayfield isn't expected to approach those heights. The former Oklahoma Sooner is due for a considerable raise, however. Mayfield gambled on himself and won. Unlike last offseason, the Buccaneers are well-positioned to negotiate a lucrative contract with a quarterback. Licht possesses approximately $48.7 million in cap space, per Spotrac. The Buccaneers enter the offseason as a top-10 team in available money.
The three-year, $75 million contract signed by Geno Smith last offseason is the best comparable for Mayfield. Like Mayfield, Smith enjoyed a career-best season in 2022 after struggling in previous stops, parlaying his unexpected form into a deserved multi-year extension. Mayfield's representation will likely target the Smith deal, with a slight uptick due to year-to-year inflation.
Mayfield could sign a three-year contract extension worth $82.5 million with $45 million in guarantees. Mayfield would earn $27.5 million annually through such a proposal, making him the 17th highest-paid quarterback in the league yearly. It would qualify as fair given Mayfield's performance ceiling as the Buccaneers' starting quarterback.
Both Mayfield and the Buccaneers surpassed expectations throughout 2023. The Buccaneers can feel more comfortable making long-term financial commitments now that Licht has ushered his franchise out of salary cap hell. Look for Mayfield to sign a multi-year lucrative extension this offseason that approaches $30 million annually.
