Quarterback Michael Penix Jr. has signed his rookie-scale contract with the Atlanta Falcons. It’s a four-year, $22.8 million deal with a fifth-year option in 2028. The fully guaranteed contract includes a $13.4 million signing bonus and a $5.7 million annual average salary.
Penix will earn a $795,000 base salary in 2024. That amount will increase to $960,000 in 2025, $1,075,000 in 2026, and $1,190,000 in 2027. He will also get an $875,120 roster bonus in 2025, $1,800,240 in 2026, and $2,725,360 in 2027
Meanwhile, Penix's cap hits throughout the contract are $4.1 million in 2024, $5.2 million in 2025, $6.2 million in 2026, and $7.2 million in 2027.
Falcons first-round pick Michael Penix Jr. officially signed his standard rookie four-year contract worth $22.88 million. pic.twitter.com/0qKXBDniEv
— Adam Schefter (@AdamSchefter) June 24, 2024
The Falcons surprised the football world by selecting Penix eighth overall in the 2024 NFL Draft. Quarterback is one of the positions they addressed earlier that offseason when they acquired veteran Kirk Cousins on a four-year, $180 million contract.
Instead, the Falcons made Penix the fourth quarterback selected in the 2024 draft's first round. Caleb Williams, Jayden Daniels, and Drake Maye were the first three names off the draft board.
While injuries derailed his stint with the Indiana Hoosiers, Penix became a high-value prospect after transferring to the University of Washington. In two seasons with the Huskies, he had 725 receptions for 9,544 yards and 67 touchdowns. He added seven rushing touchdowns out of 100 yards.
He saved the best for last in his college football tenure by becoming a Second-Team All-Pac-12 member, a First-Team All-American, and the Associated Press Comeback Player of the Year.
-Lance Fernandez