Inside Carl Granderson's four-year, $52 million extension

Per Mike Garofalo of NFL Media, the New Orleans Saints and edge defender Carl Granderson have agreed to terms on a four-year contract extension.

ESPN's Adam Schefter has reported that the deal is a four-year extension for $52 million in base value, with $35.3 million in total guarantees.

Granderson has been a tremendous success story as a former undrafted free agent, and the $35.3 million in total guarantees sets a record as the most for an undrafted defensive lineman in NFL history. The fifth-year pro will earn $21.38 million by May 2024, less than eight months from signing.

We have the exclusive details of the new contract below. 

The 6-foot-5, 261-pound edge defender out of Wyoming has improved in each season of his NFL career. He kicked off the 2023 season with five quarterback pressures, 1.5 sacks and an 81.3 pass-rush grade in the Saints' Week 1 win over the Tennessee Titans. He followed that up with an even better performance in Week 2 against the Carolina Panthers, generating six quarterback pressures and another sack where he forced a fumble to earn a 91.2 overall grade and 90.8 run-defense grade. 

Granderson signs this record-breaking deal despite never playing more than 45% of his team's defensive snaps in a season, and he has just nine starts in his career.

The long-term commitment from New Orleans shows his impact on a per-snap basis and the belief in his continued ascension. Through two games, Granderson’s 89.9 overall grade and 21.8% pass-rush win rate rank seventh among edge defenders, and his five defensive stops rank tied for 11th at the position.

It is no surprise that New Orleans agreed to terms with Granderson as he continues to stack impressive outings, a great development amid the questions that loom over the team's new-look defensive line.

Carl Granderson: PFF grade and rank since 2021

Edge defenders: Highest pass-rush grades

Granderson is still only 26 in his fifth NFL season and could potentially cash in again with another new deal before he turns 30. He receives $22.13 million fully guaranteed at signing. 

The details of the contract are as follows:

• Signing bonus: $11 million.
• 2023 base salary: $1.38 million, fully guaranteed at signing.
• 2024 roster bonus: $9 million, fully guaranteed at signing.
• 2024 base salary: $1.17 million, fully guaranteed at signing.
• 2025 base salary: $7.73 million (becomes fully guaranteed in March 2024). 
• 2026 roster bonus: $2 million (becomes fully guaranteed in March 2025). 
• 2026 base salary: $10.75 million; $3.44 million (becomes fully guaranteed in March 2025). 
• 2027 roster bonus: $2 million.
• 2027 base salary: $10.75 million

There are up to $2 million in incentives in each year of the deal, with the 2023 incentives treated as an escalator to the $9 million 2024 roster bonus to keep them off the 2023 salary cap: 

• 12 Sacks: $500,000
• 13 Sacks: $1,000,000
• 14 Sacks: $1,500,000
• 15 Sacks: $2,000,000

Below are the largest contracts signed by undrafted edge defenders since 2012, with Granderson’s $35.3 million guarantee topping the list:

Tampa Bay Buccaneers edge defender Shaquil Barrett (2021):

• Four years, $68 million ($17 million per year), $34.5 million total guaranteed

Buffalo Bills edge defender Mario Addison (2020):

• Three years, $30.45 million ($10.15M per year), $15.25 million total guaranteed

New Orleans Saints edge defender Junior Galette (2014):

• Four years, $41.5 million ($10.375M per year), $23 million total guaranteed

Miami Dolphins edge defender Cameron Wake (2012):

• Four years, $33.2 million ($8.3M per year), $20M total guaranteed

The cash flows are as follows:

First new year:

• $18.77 million new money
• $21.38 million total earned by May of 2024

Second new year:

• $26.5 million new money

Third new year:

• $39.25 million new money

Fourth new year:

• $52 million new money

Granderson’s new-money average through the first three new years exceeds the overall per-year average.

Below is the full salary cap breakdown:

• 2023: $3.94 million
• 2024: $12.45 million
• 2025: $9.93 million
• 2026: $14.95 million
• 2027: $14.95 million

The Saints clear $200,000 in 2023 salary cap space with the extension.