Report: Jordan Love, Packers Agree to 1-Year Contract Extension Worth Up to $22.5M

The Green Bay Packers' provided some clarity on their quarterback situation beyond the 2023 season after agreeing to a one-year extension with Jordan Love that could be worth up to $22.5 million.

ESPN's Adam Schefter reported the deal carries $13.5 million in guarantees and replaces Love's fifth-year option.

ESPN's Field Yates provided a breakdown of the contract terms:

His ascendance symbolizes an organization-wide reset.

Green Bay's three-year playoff streak came to an end in 2022 as the team finished 8-9. In terms of evaluating Love, it created the worst-case scenario.

When the Packers were sitting at 4-8, they were positioned to potentially pack it in over the final weeks with one or two more losses. Shutting down Rodgers and allowing Love to have a few starts was a plausible scenario, and that would've helped the front office get some insight into how Love projects going forward.

Instead, Green Bay won four games in a row to revive its postseason hopes and extend Rodgers' stay in the starting role.

As a result, Love is entering his fourth season in the NFL after having attempted just 83 passes.

The 24-year-old looked overmatched when he filled in for Rodgers for his lone start against the Kansas City Chiefs in 2021. He went 19-of-34 for 190 yards, one touchdown and one interception.

It was a slightly different story when Love was pressed into duty in the middle of a Week 12 matchup with the Philadelphia Eagles in 2022. He was 6-of-9 for 113 yards and one touchdown as the Packers lost 40-33.

Nobody can say for sure whether the 2020 first-rounder out of Utah State is a suitable long-term option, but there was a compelling argument for handing him the keys to the offense. The Packers' record reinforced how they simply don't have the pieces to be a Super Bowl contender right now. Rodgers isn't getting any younger, either, so there was no reason to continue prolonging the inevitable.

The Packers granted Rodgers' wish in April and traded him to the New York Jets.

In December, general manager Brian Gutekunst alluded to where the organization stood on Love.

"We're really pleased with his progression and what he's been able to do," he told reporters. "I think it would be really good for him...the growth you need to go through, seeing things for the first time, making those mistakes you need to make, but I think from our end of it, we've seen what we need to see."

When it came to the fifth-year option, the benefits of picking it up outweighed the drawbacks of letting him become a free agent in 2024.

If the jury is still out on Love after 2023, then Green Bay will have one more year to gauge his suitability and value. Should he have a monster campaign next season, his guaranteed salary will be reasonable in retrospect and buy the front office time to negotiate an extension.

Daniel Jones is a prime example of how declining the fifth-year option can backfire in a big way.

Rather than paying $22.4 million in 2023, the New York Giants had to fork over $40 million per year in a four-year, $160 million contract (and $92 million guaranteed) to retain the 25-year-old following his career year. What felt like a reasonable decision at the time wound up carrying a significant cost for New York.

There's a chance Love performs at the level of a backup or replacement-level QB in 2024 and doesn't provide a return commensurate with his salary. All things considered, that's a risk the Packers were smart to take.