Exploding wide receiver market has created two distinct paths for NFL teams

In today’s NFL, $28.4 million can either buy you one year of Jaylen Waddle and some new footballs to throw to him, or the entire Giants receiving corps. 

The Dolphins’ Waddle, Eagles’ A.J. Brown and Lions’ Amon-Ra St. Brown all have signed extensions this offseason worth at least $28.25 million per year. New deals in the future for the Vikings’ Justin Jefferson and the Bengals’ duo of Ja’Marr Chase and Tee Higgins are expected to exceed that threshold. 

An exploding second-contract market for receivers — teams are spending an average of $33.7 million per year (13.1 percent of the salary cap) on the position in 2024 as compared to $12.7 million per year (9.4 percent of the cap) in 2014, according to OverTheCap.com — has created a system where you either break the bank on proven producers or roll the dice in the draft. 

Giants general manager Joe Schoen has favored the latter option in addressing arguably the roster’s greatest weakness when he was hired. Schoen used a top-75 pick in each of his first three draft classes on a receiver — 2022 second-rounder Wan’Dale Robinson, 2023 third-rounder Jalin Hyatt and 2024 first-rounder Malik Nabers. 

“You see where the wave is going,” said Brandon Brown, Schoen’s top lieutenant. “We’ve talked over the years about projecting the market … and you don’t want to be on the wrong end of deals. I think, when you look at how young our receiver corps is, it’s an advantageous position to be in. Just the production, opportunity and the skill set all allows for you to be cost-controlled.” 

The Giants, who only have one receiver remaining (Darius Slayton) from the 10 who caught passes in 2021, rank No. 20 in the league in receiver spending ($28.4 million per year on current contracts), per spotrac.com.