Why DK Metcalf's $132M contract is a sneaky-good deal for Steelers

D.K. Metcalf‘s four-year, $132M extension with the Steelers is “really a two-year commitment,” according to ESPN’s Dan Graziano.

The 27-year-old’s deal only includes $60M in guaranteed money, made up of a $30M signing bonus and $30M in guaranteed salary over the next two years, per OverTheCap. After 2026, he has no guaranteed money with his financial security instead tied to roster bonuses — $6.5M in 2027 and $5M in 2028 and 2029 — all due on the third day of the league year. That will force the Steelers to make a decision on Metcalf’s future early in the offseason for the last three years of his deal.

The earliest potential split will be the 2027 offseason. The Steelers can release Metcalf before his roster bonus is due with just $18M of his signing bonus prorations as dead money. As a result, Metcalf will have to produce in Pittsburgh, and he seems to know it. The star wide receiver added a smiley face to his signature on the page of his contract including the 2027 roster bonus language (and only that page), per Graziano.

Here are a few other contract updates from around the league.

• Nick Chubb‘s deal with the Texans includes $1.5M in guarantees, per KPRC2’s Aaron Wilson, with a $575K signing bonus and $925K in guaranteed salary. The veteran running back can earn another $425K in per-game roster bonuses over the course of the season with $25K available for each appearance.
• Lions safety Kerby Joseph received fully guaranteed money into the third year of his recent contract extension. $1.26M of his 2027 salary is fully guaranteed at signing, per Graziano. The contract also includes more guaranteed money that vests early in the 2026 and 2027 league years, according to OverTheCap.
• The Seahawks once again made Michael Dickson the highest-paid punter in the NFL with a base value of $16.2M over four years, or $4.05M per year. The deal also includes $10.2M in guaranteed money, per ESPN’s Brady Henderson, with a maximum value of $16.7M.