The Josh Jacobs contract is a one-year deal with three one-year options

On the surface, it’s a four-year, $48 million contract for new Packers running back Josh Jacobs. On closer inspection, it’s not quite as impressive.

Per a source with knowledge of the deal, the contract has a $12.5 million signing bonus, and no other guaranteed payments.

His 2024 base salary of $1.2 million is guaranteed as a practical matter, pushing the first-year haul to $13.7 million. He also has a $600,000 offseason workout bonus, and up to $500,000 in per-game active roster bonuses.

That’s up to $14.8 million for one year. After that, it’s up to the Packers.

Jacobs has a $5.93 million roster bonus due on the fifth day of the 2025 league year, and a $1.7 million base salary. The $600,000 workout bonus and $500,000 per-game active roster bonuses are also in the deal for 2025.

For 2026, the deal has a base salary of $10.2 million, a $600,000 workout bonus, and up to $700,000 in per-game active roster bonuses.

In 2027, the salary moves to $12.2 million, with the workout bonus of $600,000 and up to $700,000 in per-game active roster bonuses.

It will be at least $13.7 million for one year. It could be as much as $14.8 million for one year. After that, the deal continues if the Packers want it to, at a more reasonable second-year package of $7.63 million plus up to another $1.1 million in workout and active roster bonuses.

The big decision comes in 2026. Will Jacobs still be performing at a level that justifies up to $11.5 million? The next year, the maximum becomes $13.5 million.

Regardless, unlike most veteran free-agent deals, this one has no guarantees beyond the first year.