Cincinnati Bengals fans can finally breathe a sigh of relief, knowing that the team’s trio of offensive stars are under contract for the foreseeable future.
However, things didn’t unfold exactly as Joe Burrow suggested during a Super Bowl interview, when he pointed out that the Philadelphia Eagles “pay everyone.” The Bengals are still navigating the situation with All-Pro defensive end Trey Hendrickson, who has expressed dissatisfaction with his contract. The reality of Cincinnati’s financial structure likely explains why an extension for Hendrickson has yet to be finalized.
As previously highlighted in discussions around signing Tee Higgins and Ja’Marr Chase, while every NFL team operates under the same salary cap, their actual cash budgets vary significantly. Some franchises have far greater financial flexibility than others, and the Bengals’ situation reflects this disparity.
Cincinnati, a smaller-market team with an ownership structure rooted in inheritance rather than deep external wealth, does not operate at the top tier of cash spending. In fact, the Bengals consistently hover just below the league average in player salary expenditures, rarely deviating significantly from that trend. Unlike teams with billionaire owners who can inject large sums of cash, the Bengals must rely primarily on the revenue they generate.
This financial reality forces Cincinnati to take a different approach than teams like the Eagles. Philadelphia has the financial resources—or at least the ability to access them—to structure contracts in a way that makes it seem as though they are “paying everyone.” They achieve this by using large cash payments today while deferring the cap impact into future seasons.
Since the salary cap era began, teams have used this strategy, but with increased transparency, fans now better understand how it works. The cap is designed to create a level playing field, but due to how signing bonuses are accounted for—spreading the cap hit over several years—wealthier teams can front-load contracts with large bonuses while pushing the cap consequences down the line.
Some franchises take this even further by adding “void years” to contracts, allowing them to borrow additional cap space from future seasons while paying players upfront. The Eagles have been particularly aggressive in this approach. As of early February, Philadelphia had nearly $390 million in contracts tied to void years—more than the second- and third-highest teams combined.
This method is only viable for teams with the necessary cash flow. While not without risk, the Eagles’ three Super Bowl appearances and two championships in the last eight seasons suggest the strategy has worked well for them.
However, what works for Philadelphia isn’t feasible for every team. Not all organizations, including the Bengals, have access to that level of cash. As a result, Cincinnati must make tough choices—such as prioritizing extensions for their young wide receivers over a long-term deal for a 30-plus-year-old All-Pro pass rusher.
At the end of the day, not every team can afford to “pay everybody.”
Be the first to comment