Incase you haven’t heard, quarterback Joe Burrow just signed a MASSIVE contract extension with the Cincinnati Bengals.
I’m talking about five years, for a whopping total of $275 million… good enough for the biggest contract in NFL history.
Just think about how much money this is for a second. Making $100,000 a year put you at roughly the 80 percentile in the United States. That means you’re making more than 80% of people in the country. For most of us, that 100K would be a ton of money, and this man is racking up a cool $55 million a year?
Get outta here…
Of course, when you’ve proven yourself to be one of the best quarterbacks in the league over the past two seasons, leading your team to the Super Bowl and the AFC Championship in your lone two seasons as the official starter, you’re gonna get paid a lot of money.
However, I’ve often wondered what the true net income of that kind of money actually is, or how much money athletes like Burrow will actually get after taxes and other expenses.
Lucky for us, sports business guru Andrew Petcash has broken it down for us, showing how much money Burrow will actually earn off this huge contract.
In a tweet (or “X post” I don’t know how to refer to this anymore), Petcash broke down how much money Burrow will actually receive in a year, breaking down his $55 million a year salary without taxes and expenses.
He explains that out of that $55 million:
$20.3 million will go to Federal Taxes
$1.7 million will go to an Agent Fee
$1.6 million will go to Jock Tax
$1.3 million to FICA/Medicare
$1.1 million for Ohio Tax
So, after getting taxed out the ass, Burrow will actually walk away with about $29 million per year.
I know, I know… he’s still stupid rich, making more than what the average human being makes in their lifetime. Hell, more than the average human makes in 25 lifetimes. But don’t let that $275 million fool you… Uncle Sam gets a BIG piece of the pie.
Of course, Joe will be raking in more money from endorsements and other brand deals, but you get the picture.
Check out the breakdown here:
Joe Burrow just signed the NFL's richest annual contract (5 years $275 million).
Yet the 𝘵𝘢𝘹𝘦𝘴 will be steep: 😲
$55M: Salary – $20.3M: Federal Tax $1.7M: Agent Fee $1.6M: Jock Tax $1.3M: FICA/Medicare $1.1M: Ohio Tax = $29M: Net Income pic.twitter.com/bmskpjmDpK