The Tampa Bay Buccaneers have signed Gerald McCoy to a seven-year contract extension as first reported by Jay Glazer. The exact details of the contract are now coming out, and it looks like it will be worth $95.2 million over seven years, with $51.2 million in guaranteed money. Those are the numbers the always-plugged-in Rick Stroud cites, while Ian Rapoport claims it's worth a total of $98 million. The difference is ascribed to incentives by Roy Cummings.
McCoy's contract was set to expire after this season, but he's now signed for seven years at around $14 million per year. Instead, he's now signed through the 2020 season. Cummings notes that McCoy received an extra $7 million this season, and will make $20 million in 2014. Based on the numbers, it looks like McCoy's contract will be guaranteed through 2017.
Update: The full contract details are now available, it's $95.2 million in new money over seven new years.
While the contract is nominally worth $13.5 million per year, we can also frame it as a total of $95 million for six years -- as that's the amount of new money and new contract years the defensive tackle receives. In that case, McCoy is actually making $15.8 million per year, only $1 million per year less than J.J. Watt made in his contract extension. That's assuming the $95.2 million is all new money, and doesn't include the $12 million he was set to make this season.
"From the moment Lovie and I arrived here, we knew it was vital for us to keep Gerald in Tampa Bay long term as one of the cornerstones of our franchise," said general manager Jason Licht. "With the backing of the Glazer family, we were able to accomplish that. On the field, Gerald is one of the best players in the National Football League, who has been extremely productive and will be for years to come. We are happy to reward someone that has a rare work ethic, which not only makes him an elite player, but serves as an example for our entire team. His commitment, character and leadership are attributes that make him a truly special person, who will play a pivotal role in our future success."
McCoy has emerged as the best player on the Bucs over the past few years, and has turned not only into a dominant force on the field, but also a locker-room leader, the face of the franchise and even a presence in the community. He's also the focal point of Lovie Smith's Tampa 2 defense as the under tackle. He finished last season with 9.5 sacks and has 2 sacks in five games in 2014.
McCoy's contract is comparable to but worth less than that of J.J. Watt, who received $100 million over six years, and Robert Quinn, who managed $57 million on a four-year extension. Geno Atkins, the most recent top defensive tackle to receive a new contract, got $53 million over five years back in 2012, but he still had one year left on a cheap rookie deal at the time.
McCoy was already being paid $12 million this year, and would have hit the open market had he not been re-signed. The franchise tag was an option, but would have come in at over $18 million for one season -- more per year than any other defensive linemen in the NFL and significantly more than the $14-$16 million per year he's earning in his new contract.