Are Rams close to signing Puka Nacua to extension after Seahawks' Jaxon Smith-Njigba deal?

On Monday, the Seattle Seahawks made star Jaxon Smith-Njigba the highest-paid wide receiver in the NFL when the two sides agreed to a four-year, $168.6M deal that included $120M guaranteed. 

Later in the day, ESPN's Brady Henderson suggested that Seattle locked Smith-Njigba down now so that the club wouldn't "have to top whatever number Puka Nacua gets on his megadeal from the Los Angeles Rams." It sounds like Nacua and the Rams aren't all that close to putting pen to paper on an extension. 

When could Rams, Puka Nacua agree to a contract extension?

During an NFL Network appearance, league insider Mike Garafolo spoke about the status of negotiations involving the Rams and Nacua's camp. 

"My expectation, based on the conversations I have had, is it's a different situation with Puka and the Rams," Garafolo explained. "The Rams got a lot of young guys that they have to pay and a lot of other business to conduct, as well. The expectation on my end is that the Puka deal is gonna take a while and could be further into the summer before we see something happen there."

ESPN stats show that Smith-Njigba led the NFL this past regular season with 1,793 receiving yards, while Nacua was second with 1,715 yards. Nacua tallied a league-best 129 receptions, while Smith-Njigba was fourth with 119 total catches. Both players recorded 10 receiving touchdowns. 

Smith-Njigba ultimately earned NFL Offensive Player of the Year Award honors for the campaign. Nacua finished third in voting behind Christian McCaffrey of the San Francisco 49ers.

Are Rams making a mistake in not paying Puka Nacua sooner rather than later? 

On Tuesday, NFL insider Mike Florio of Pro Football Talk noted that Nacua could become more expensive for the Rams if the Dallas Cowboys and George Pickens come to terms on an extension this spring. Dallas used the franchise tag to retain Pickens' rights, and there's no indication the parties are close to agreeing to a multiyear deal. 

"Nacua is due to make $5.7M in 2026, a number that has been increased over the slotted amount based on his performance to date," Florio wrote about the final year of that deal. "...A four-year contract with a $43M new-money APY becomes a five-year, $177.7M deal. It’s a $35.54M per year value from signing."

The deadline for teams to sign tagged players to extensions arrives on July 15. In theory, Nacua probably should wait to see if Pickens resets the market for players at the position before the Rams wideout inks a deal with his employer.