Vikings reportedly exercise WR Justin Jefferson's fifth-year option
The Minnesota Vikings made their least-surprising move of the offseason by reportedly exercising wide receiver Justin Jefferson's fifth-year option, per the NFL Network's Ian Rapoport. The deal will likely be worth around $19.7 million in 2024, according to Over The Cap.
Jefferson is coming off a season where he led the NFL with 128 catches for 1,809 yards and won Offensive Player of the Year. He also added eight touchdown receptions.
While he was the fifth of six first-round receivers taken in 2020, Jefferson quickly proved he was the best of the bunch. The Vikings took him at No. 22 overall — after the Las Vegas Raiders drafted Henry Ruggs III, the Denver Broncos took Jerry Jeudy, the Dallas Cowboys picked CeeDee Lamb and current Minnesota teammate Jalen Reagor was selected by the Philadelphia Eagles a pick ahead of Jefferson. This past season, Jefferson broke Randy Moss' record for most receiving yards by a wideout in his first three seasons with 4,825 yards.
The decision to exercise Jefferson's fifth-year option gives the Vikings another year on his deal before needing to work out a long-term extension or use the franchise tag as his rookie contract now goes for two more seasons.
The market for good pass-catchers skyrocketed a year ago when the Miami Dolphins gave Tyreek Hill a contract worth $30 million annually and the Las Vegas Raiders gave Davante Adams a deal worth an average of $28 million per season.
It stands to reason Jefferson could push to be in the same salary class as Hill and Adams after only three seasons, especially since his 4,825 yards, 96.5 yards per game and 10.1 yards per target lead all receivers in the league with at least 400 targets since 2020. The contracts of the four receivers behind Jefferson in those three categories — Hill, Adams, Cooper Kupp and Stefon Diggs — rank first, second, fourth and sixth in average annual value, respectively.
Other receivers in line for massive paydays
Jefferson isn't the only young wideout who'll earn a new deal soon.
The Cowboys picked up Lamb's fifth-year option earlier this offseason, and Tee Higgins is heading into his contract year as well but doesn't have a fifth-year option after the Cincinnati Bengals drafted him in the second round. Both are talented pass-catchers who could sign huge deals near the top of the market. San Francisco 49ers' receiver Brandon Aiyuk, who was taken three picks after Jefferson in 2020, is also heading into the final year of his rookie deal if the 49ers don't pick up his option by May 1.
Perhaps the next big contract after Jefferson, though, is the one for his ex-LSU teammate, Ja'Marr Chase. The Bengals took Chase fifth overall in 2021 to pair with Joe Burrow, who played with Chase and Jefferson in college, so the Bengals won't have to make a decision on his fifth-year option — and/or a subsequent long-term deal — until after the 2023 season. But in two seasons Chase already has the sixth-most receiving yards among his peers and tied for the second-most touchdowns over that span. Whatever Jefferson gets, Chase will surely look to get more.
So while Hill reset the market for receivers in 2022, Jefferson could do the same in the near future. And then Chase could end up topping both of them shortly thereafter.
At the very least, though, the Vikings have a bit more time before they have to make any market-altering decisions.
