Nico Collins Contract Extension

Texans wide receiver Nico Collins is coming off his best year in the NFL since he entered the league in 2021. In 2023, the star wideout recorded 80 receptions on 109 targets, 1,297 receiving yards, and 8 touchdowns. It’s clear that Collins is a major part of the Texan’s future as they continue to put together a team loaded with elite talent.

Terms of the Deal

Collins signed a 3-year/$72.75M extension that keeps him under contract through the 2027 season. With still 1 year left on his current contract the new contract length is 4 years. Collins's new AAV comes out to $24.25M which (at the time of the signing) makes him the 9th highest-paid wide receiver in the league. With the recent extensions of Jaylen Waddle, CeeDee Lamb, and Brandon Aiyuk, Collins currently sits at the 11 spot.

Guarantees/Incentives

This extension includes a $17M signing bonus, $32.116M guaranteed at signing, and $52.116M guaranteed. The $32.116M guaranteed at signing includes his $17M signing bonus, 2024 P5 salary ($1.616M), and 2025 P5 salary ($13.5M).

$10M of 2026 P5 salary fully guarantees on the 5th league day of 2025

Another $10M of 2026 P5 salary becomes fully guaranteed on the 5th league day of 2026

Starting in 2026

• Per Game Active Bonus: $36,765 ($625,005 total)

2025 - 2027

• Pro Bowl Selection: $250,000

• 95 Reception Season: $250,000

• 1,460 Receiving Yard Season: $250,000

Cap Breakdown

Collins takes on a new signing bonus number for the 2024 season ($4,475,730) with the 4-year proration of his $17M signing bonus. Again, he is playing in the last year of his old contract so he’ll be playing on a low cap number this season.

Cap Flow (Rank amongst WRs)

- 2024: $6.64M (33rd)
- 2025: $18.37M (19th)
- 2026: $24.87M (10th)
- 2027: $26.12M (8th)

Cash Breakdown

Nearly all of the cash that Collins will earn in 2024 is tied to his signing bonus. As of right now, the guarantees that he has earned are his 2024 and 2025 salary.

Cash Flow (Rank amongst WRs)

- 2024: $19.24M (20th)
- 2025: $14.12M (21st)
- 2026: $20.62M (11th)
- 2027: $21.87M (9th)

Comparison

In this section, we’ll compare the player's yearly average contract value (APY) to other players in similar positions, offering insights into how it stacks up within the current market landscape.

Cooper Kupp - Rams

Kupp signed a 3-year/$80.1 M extension with the Rams during the 2022 offseason. This was right after his triple crown year when he posted 145 receptions, 1,947 yards, and 16 touchdowns. A well-deserved deal placed him as the 4th highest-paid receiver in the league at the time of signing. $35M was guaranteed at signing, totaling 43% of the contract value. Generally speaking, cash flows were evenly spread out (3 consecutive years of $20M in cash flow). His current AAV is $26.7M which ranks 10th in the NFL among WRs. Despite dealing with missed time due to injury since signing his extension, Kupp remains an effective receiver. Even with the emergence of Puka Nacua, Kupp's status as a top-10 wide receiver is firmly solidified. In terms of availability and production, one could make the argument that Houston is getting better value out of Collins than LA is getting out of Kupp, but the two receivers are at very different points in their career.

DeVonta Smith - Eagles

Smith signed a 3-year/$75M extension with the Eagles during the 2024 offseason. Smith has had a very strong start to his young career, even with being the number two option in Philadelphia. He’s posted two consecutive 1,000-yard receiving seasons. Philadelphia still benefits from Smith playing on his rookie deal, as this extension won’t kick in until 2026. Cash payments take a small dip after the 2024 season only because of the $20.35M signing bonus he earned this year. There is also an option bonus worked into the deal that will increase his cash flow starting in 2025. $33.9M was guaranteed at signing, totaling 45% of the contract value. His current AAV is $25M which ranks 11th in the NFL among WRs. One major difference when comparing the two deals is that Philadelphia had included three void years for salary cap purposes. It’s becoming a more popular trend to include them in deals. Some teams dislike using them, but the Eagles have done this with past contracts.

D.K. Metcalf - Seahawks

Metcalf signed a 3-year/$72M extension with the Seahawks during the 2022 offseason. Metcalf has been nothing short of dominant since he entered the league in 2019. He’s recorded 3 1,000-yard receiving seasons and has totaled 45 receiving touchdowns. His current deal included $31M guaranteed at signing, totaling 43% of his current contract. His current AAV is $24M which ranks 13th in the NFL among WRs. Cash payments are fairly spread out throughout this contract. The largest cash year would come in 2025, but it’s important to note that there are no guarantees for Metcalf beyond 2024. His 2024 salary was already fully guaranteed on February 16th of this year. It’s likely we see Metcalf sign another extension after this season as he looks to cash out again in the growing receiver market. Like with the DeVonta Smith extension, there are also three void years built into Metcalf’s current contract.

Deebo Samuel - 49ers

Samuel signed a 3-year/$71.55M extension with the 49ers during the 2022 offseason. He’s been a great utility player who can play multiple positions giving San Francisco flexibility with their play calling. As both a receiver and a halfback, Samuel has accumulated 5,515 total yards of offense and 40 touchdowns. This extension included $41M guaranteed at signing, totaling 57% of the total contract value. His current AAV is $23.85M which ranks 14th in the NFL among WRs. Samuel has also been given a restructure bonus of $20.535M this season, which accounts for about 93% of his total cash earnings this year. San Francisco included rushing incentives in this deal ranging from the 2023 - 2025 seasons. Samuel also has three void years included in this extension for salary cap purposes. It will be interesting to see where negotiations will go after this season as Samuel becomes a free agent after the 2025 season.

Contract Table

Final Thoughts

This signing couldn’t have come at a better time for the Texans. Collins has been an amazing piece to the offense and has established himself as one of the elite receivers in the NFL. The value is great for Houston as Collins is essentially outperforming what he is currently earning. You look at players like Brandon Aiyuk, Jaylen Waddle, D.J. Moore, etc. who haven’t necessarily matched production with the value of their contract and are currently earning more than Collins. All are extremely talented and elite weapons in the NFL, but the value comparison isn’t close. Collins has top-5 production but his earnings fall below that mark.

Things will get interesting for Houston in the coming years as players become due for a new contract. I’d imagine C.J. Stroud will be signing a new deal after the 2025 season with an AAV of around $55M. The quarterback market seems to keep changing after every new deal. Other players like Stefon Diggs, Will Anderson Jr., Derek Stingley Jr., etc. will all be looking to cash in in the coming years.