DeAndre Hopkins Saved $1.6 Million From His Record Contract Thanks to His Business Savvy
DeAndre Hopkins just made history with his new team.
Hopkins signed a two-year contract extension with the Arizona Cardinals worth $54.5 million on Tuesday, making him the highest-paid non-quarterback in the history of the NFL. The deal was also historic considering how it got done. Hopkins negotiated his record-setting contract by himself with no help from an agent.
In doing so, Hopkins will save as much as $1.6 million thanks to his business savvy.
DeAndre Hopkins just became the highest-paid non-QB in NFL history
When the Cardinals traded for Hopkins in the offseason, it was their intention to sign him to a new deal as soon as possible. With less than a week remaining before the 2020 season kicks off, they’ve accomplished just that.
Arizona has signed Hopkins to a two-year deal worth $54.5 million, which makes Hopkins the highest-paid non-QB in NFL history. He will earn $42.75 million guaranteed.
The Cardinals believe Hopkins and Kyler Murray can be one of the most lethal duos in the league for years to come, so they didn’t want to risk losing their new star wide receiver to free agency after one season. Now, Hopkins is locked in with Arizona for the next three years.
Hopkins saved a possible $1.6 million by negotiating his contract himself
Most NFL players hire agents to negotiate their contracts for them. It leaves them to focus on their play on the field instead of their contract situations, and agents normally get the most value they possibly can for their clients anyway.
But Hopkins went a different route with his deal. Instead of hiring an agent, Hopkins decided to negotiate his own contract by himself, and he sure did a heck of a job.
Not only did he negotiate the highest contract ever for a non-QB, but he also saved nearly $2 million in the process. By not hiring an agent, Hopkins won’t have to pay the fee of up to 3% for his contract. If he hired an agent, Hopkins would’ve had to forfeit up to $1.6 million of his newest deal in agent fees.
Hopkins’ business savvy saved him some serious coin, and it could pave the way for other players to follow suit.
Could Hopkins start a trend of star players forgoing agents to save money?
Hopkins’ record-breaking deal could change the landscape of the NFL in a multitude of ways. For one, it will change how skill position players get paid. The Cardinals have decided Hopkins is worth as much as some starting quarterbacks, and other wide receivers are sure to demand the same treatment in the future.
More specifically, Hopkins’ deal could change the way high-profile players negotiate their future contracts. If Patrick Mahomes negotiated his new deal without an agent, for example, he could’ve saved over $15 million in agent fees.
Hopkins scored a record contract without the help of a financial professional, so other players of his caliber could do the same in the future. If they want to save some serious cash, they would be wise to ditch the agents and negotiate themselves.
All contract details courtesy of Spotrac