Joe Mixon is staying in Cincinnati, but he had to take a significant pay cut to do so. We heard yesterday that the running back had restructured his contract to stick in Cincinnati, and we’re now getting details on what Mixon actually gave up.
According to NFL Network’s Ian Rapoport (via Twitter), Mixon took a $4.39M pay cut for the 2023 campaign and a $4.67M pay cut for the 2024 campaign. The running back’s base salary is now down to $5.51M, and he can earn another $2M via incentives in 2023. As Rapoport notes, this restructuring will also increase the chances of Mixon sticking around for the 2024 season.
Mixon was still playing on a four-year, $48M deal he signed with the Bengals in 2020. The Bengals were fine carrying Mixon and his $11.42M cap hit during the 2022 season, especially coming off a 2021 campaign where he had career-highs in rushes (292), rushing yards (1,205), and rushing touchdowns (13). However, with the organization facing pricey extensions for foundational pieces like Joe Burrow and Ja’Marr Chase, the front office had to get creative.
As a result, Mixon was already a common candidate to earn a pay cut this offseason. The veteran running back was set to earn $10.1M in 2023 and was attached to a $12.79M cap hit. The Bengals stood to save over $7M by releasing him, and that number would have been bumped to $10M if they did so as a post-June 1 cut. Instead, both sides decided to stick together and agree to a reworked deal.
Considering the plight of the current crop of free-agent RBs (including Dalvin Cook and Ezekiel Elliott) and extension-seeking RBs (including Saquon Barkley and Josh Jacobs), it made sense for Mixon to secure his roster spot for (likely) the next two seasons. The 26-year-old didn’t have his strongest campaign in 2022, finishing with only 814 rushing yards and seven rushing touchdowns.
It also made sense for the Bengals to renegotiate a restructured deal vs. outright releasing the veteran. The team lost Samaje Perine this offseason, leaving little experienced depth behind Mixon. Behind the starter, the Bengals are eyeing depth pieces like fifth-round rookie Chase Brown, special teamer Trayveon Williams, and former sixth-round pick Chris Evans.
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