The Cincinnati Bengals have one of the most impressive weapons groups in the entire NFL, and one of those weapons is confirmed to be back in 2023.
Running back Joe Mixon, who has been one of the best in the league the last few years, restructured his contract today in order to stay with the team, as reported by ESPN’s Adam Schefter. His agent Peter Schaffer noted that “Joe’s goal is to win a Super Bowl and play his career in Cincinnati and this is the best way to accomplish these goals.”.
What Schefter did not report, since he only regurgitates what agents want out there, is that Mixon did not simply “restructure” his contract. Mike Florio of Pro Football Talk reports that he took a pay cut in order to remain with the team. Due $9.4 million for the 2023 season, he can only earn up to $8 million this season under the terms of the restructured contract, of which $2 million is through incentives. His base salary is now down to $6 million.
Given the nature of the restructure, the incentives may NLTBE incentives, which would not count against the 2023 salary cap and would, if earned, apply to 2023. If they are LTBE (likely to be earned) incentives, the Bengals would have to account for it now against the 2023 cap, but would be credited against next year’s cap for whatever portion of the incentives are unearned.
Mixon is just the latest prominent running back this offseason who has either been released or asked to take a pay cut, with former Pro Bowlers and first-round picks like Ezekiel Elliott and Leonard Fournette and Dalvin Cook still on the market. Aaron Jones took a pay cut earlier this offseson to remain with the Packers. Saquon Barkley’s franchise contract negotiation window is about to close; he reportedly asked for $16 million per year, the Giants offering $13 million, an offer it is said they told Barkey they would pull if they had to tag him. It doesn’t appear anything will be happening on that front.
Mixon’s 2023 cap hit was scheduled to be $12.791M, but the restructuring of the deal should free up some cap space for Cincinnati, although how much it frees up remains to be seen. The Bengal, depending on how the incentives are classed, would shave up to $3.4 million for 2023 just through the pay cut alone, and at least $1.4 million, plus whatever would be gained through the actual restructure.
Mixon has been one of the better running backs in the league over the past few seasons, but at least last year the Steelers had some success in slowing him down. They held him to exactly three yards per carry in their two matchups, although he did provide some solid production in the passing game.
Not that the potential loss of Mixon would have likely changed this, but the Bengals remain the team to beat in the AFC North and have one of the most talented rosters in football. The Steelers will have their hands full trying to guard Mixon and wide receivers Ja’Marr Chase and Tee Higgins next season.
UPDATE (9:48 AM): NFL Network’s Ian Rapoport confirms Mixon took a $4.39 million pay cut in 2023 and a $4.67 million pay cut in 2024. He can make some of that money back through incentives.
