The Pittsburgh Steelers signed outside linebacker Alex Highsmith to a four-year, $68 million extension this past week and the official numbers of that deal finally hit the NFLPA Saturday morning.
As part of the new five-year contract structure, Highsmith received a $16 million signing bonus and a new fully guaranteed 2023 base salary of $1.01 million, per Over the Cap and the NFLPA. His new 2023 salary cap charge is just $4,418,073, which is an increase of just $1.467 over what it was previously scheduled to be prior to his new deal. Highsmith was previously scheduled to earn $2.743 million in 2023 after receiving a Proven Performance Escalator increase earlier in the offseason.
As for the rest of Highsmith’s deal, in 2024 he is now set to earn $10.733 million and have a salary cap charge of $13.933 million. That $10.733 million is guaranteed for injury only, according to former NFL agent Joel Corry of CBS Sports. In 2025, Highsmith will earn $13 million and carry a salary cap charge of $16.2 million. The final two new years of Highsmith’s new deal call for base salaries of $14.5 million and $15.5 million, respectively. His cap charges for 2026 and 2027 are $17.7 million and $18.7 million, respectively.
As for the structure of Highsmith’s deal, the new money cash flow is a bit on the modest side with just $25 million through 2024, the first new year of the deal. That’s $27.743 million total. Through the first two new years of the deal, Highsmith has an expected total cash flow of $40.743 and a new money cash flow of $38 million.
With the threat of the franchise tag in 2024, this deal is slanted in favor of the Steelers when it comes to cash flow and even with the new money average being $17 million. It’s roughly $3 million light in cash flow through the first new year of the deal, 2024. Keep in mind that Highsmith was previously scheduled to earn $2.743 million in 2023 so he will earn $14.217 million more than that with his signing bonus and new base salary.
Highsmith figures to be a restructure candidate for the Steelers next offseason. There are no roster bonuses included in the Highsmith deal so there will not need to be a rush to restructure him by the middle of next March. It can be done at any point next offseason.
