With less than a week until the first game of the Bucs’ season, quarterback Baker Mayfield and the team have found common ground. The two sides have agreed to a three-year, $165 million contract extension. The deal tacks on to 2026, the final year of Mayfield’s current contract, and it will keep the charismatic signal-caller in Tampa Bay through 2029.

The contract agreement was first reported by Adam Schefter of ESPN and Ian Rapoport and Mike Garafolo of the NFL Network.

Not long after, the Bucs announced the news themselves.

“Baker’s arrival marked an important new chapter for our organization, and over the past three years he has established himself as the unquestioned leader of our franchise,” owner/co-chairman Joel Glazer said in a press release. “This contract – the largest in the history of the Tampa Bay Buccaneers – reflects our belief in Baker, and his leadership both on and off the field.

“His competitive spirit, resilience and commitment to winning embody everything we want in our players. Baker and his wife, Emily, have made a meaningful impact in the Tampa Bay community and we are thrilled their family will continue to call Tampa Bay home for years to come.”

As for Bucs general manager Jason Licht, who maintained throughout Mayfield’s contract saga that the team’s belief in its quarterback hadn’t wavered, he expressed his own thoughts following the announcement and called No. 6 “the heartbeat” of the team.

Bucs GM Jason Licht and QB Baker Mayfield – Photo by Cliff Welch P/R

“From the moment Baker arrived, he brought a belief and competitive edge that has had a tremendous impact on our football team,” Licht said. “He has earned the respect of everyone in our building with the way he prepares, competes and holds himself accountable. His toughness and ability to deliver in big moments are a big part of what makes him special, but what really stands out is the leadership he brings every day. Baker is the heartbeat of this team, and we feel incredibly fortunate to have a quarterback and leader like him.”

Mayfield was set to earn $40 million this year, but should see that number increase with this deal in place. The details of his cash flows and cap hits are not immediately available. This is the largest contract in Bucs history and the first to surpass $150 million.

Baker Mayfield Well On His Way To Bucs Records

In just three seasons, Mayfield is already firmly in the top ten in franchise history in several notable areas.

• Completions – 6th – 1,114
• Passing yards – 7th – 12,237
• Completion percentage – 2nd – 66.3%
• Touchdowns – 3rd – 95
• Passer Rating – 2nd – 97.4

With even an average season (by Baker’s Bucs tenure standards), he could be second in completions and passing yards and first in touchdowns by the end of 2026.

Baker Mayfield Now A Part Of Upper Echelon For NFL QBs

At $55 million per year, Mayfield is now tied with Josh Allen, Joe Burrow, Jordan Love, Trevor Lawrence and Matt Stafford for the 3rd-highest paid quarterback in the NFL. The question that hung over the negotiations was whether Mayfield would surpass a $50 million APY. The answer is a resounding yes. And it’s a fitting conclusion to one of the best free agent acquisitions the team has ever made.

Bucs QB Baker Mayfield – Photo by: Cliff Welch/PR

After signing Mayfield to a one-year, $4 million deal in 2023, he proved himself to be the face of the franchise as he threw for over 4,000 yards and 28 touchdowns to just 10 interceptions. That led to a three-year, $100 million contract in 2024. Now, two years into that deal the team has locked him in for years to come.

How This Impacts The Bucs Going Forward

Now with Baker Mayfield in the fold for the foreseeable future, the finances get tighter for everyone else. Tampa Bay isn’t a high-spending team when it comes to cash. With Mayfield making just over $50 million per year (including his old money), the Bucs have less cash to spend on their other pending free agents. And with two talented members of the 2023 draft class (Yaya Diaby and Cody Mauch) in need of new deals by 2027, it is likely one or both is allowed to find a new team.

With this deal now announced, it puts a bow on the biggest storyline of the 2026 offseason and simultaneously opens up several new storylines for 2027 for the Bucs.