Jaguars' Josh Allen's 5-year contract details revealed. What is Allen's cap hit in 2024?

As with most contracts, Jacksonville Jaguars OLB Josh Allen's newly signed five-year contract extension worth an initially reported $150 million and $88 million guaranteed isn't how it breaks down, in reality.

According to Pro Football Talk's Mike Florio, Allen's deal with the Jaguars is worth a true base value of $141.25 million with incentives that can push him to the full $150 million that was first reported. According to Florio, Allen's deal is worth $76.5 million fully guaranteed at signing, with another $11.5 million becoming fully guaranteed in March 2026.

Allen gets a bag: Jaguars, OLB Josh Allen agree to five-year contract extension. Here are our takeaways

Here are the full details of Allen's deal, per Florio:

• $32 million signing bonus.

• $2 million in 2024 base salary, fully guaranteed.

• $2.5 million total in offseason workout bonuses through the 2028 offseason.

• $2.5 million total in 46-man roster bonuses through the 2028 season.

• $32 million fully guaranteed in 2025.

• $22 million base salary in 2026 with $10.5 million fully guaranteed at signing, another $11.5 million fully guaranteed in March 2026

• $23.75 million base salary in 2027.

• $24.5 million base salary in 2028.

Allen's contract includes two void years to push his option bonus rotation through 2030. The Jaguars can get out of the deal, saving money, after three seasons. If Allen is released before the 2027 season, the team will save $9,350,000.

For Allen to get to the maximum value of his deal, he will have to reach the incentives given to him. Allen receives a total of $750,000 if he gets 17.5 sacks in any given season. He gets another $1 million for Pro Bowl or first-team All-Pro honors. The total for incentives attainable each year is $1.75 million.

Allen's deal gives him $68 million through the first two years.

What will Josh Allen's salary cap hits be in 2024 and beyond?

With the Jaguars giving Allen a massive signing bonus of $32 million, his first-year cap hit with the franchise will be low. The $32 million is spread equally throughout a five-year deal, prorating it at $6.4 million.

With a fully guaranteed base salary of $2 million in 2024 and accounting for bonuses, Allen's cap hit for the 2024 season will be $11,150,000, according to OverTheCap.

Here's how Allen's cap hits break down:

• 2024: $11,150,000

• 2025: $15,400,000

• 2026: $23,400,000

• 2027: $40,150,000

• 2028: $24,500,000

According to Pro Football Focus' expected contract value chart, Allen is set to earn 83.5% of his contract's worth, totaling $118 million. That dwarfs New York Giants pass rusher Brian Bruns' contract. Burns is expected to earn just 70.21% of his deal at $98,997,575.

Demetrius Harvey is the Jacksonville Jaguars reporter for the Florida Times-Union. You can follow him on X, formerly known as Twitter, at @Demetrius82.

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This article originally appeared on Florida Times-Union: Jaguars' Josh Allen's contract extension details, cap hits revealed