McCaffrey, 23, signed a four-year, $64 million contract extension. The average annual salary of $16 million shatters the NFL’s existing record established by Dallas Cowboys running back Ezekiel Elliott, who earns an average of $15 million per season on his current deal.
“I’m so excited to continue my career in Carolina. I want to thank [Panthers owner] Mr. Tepper, [general manager] Marty Hurney, and Coach Rhule for the opportunity to help lead this great franchise, and to all my teammates for their help along the way,” McCaffrey said in a statement obtained by ESPN. “And to Panthers fans, KEEP POUNDING!”
McCaffrey’s contract extension runs through the 2025 season. A first-round pick in the 2017 NFL Draft, he earned more than $14 million during his first three seasons in the league, according to Spotrac.
By re-signing McCaffrey, the Panthers retained their most effective offensive weapon just as new head coach Matt Rhule assumes control of the team. In 2019, McCaffrey led all NFL players with 2,392 yards from scrimmage and 19 rushing and receiving touchdowns.
A dual threat, McCaffrey rushed for 1,387 yards and added 116 receptions for 1,005 yards last season. He earned two All-Pro nods in his first three seasons.
"To label him a running back, that's not respectful to him,” Rhule said last week. “He's a tailback/wideout. He can do it all. I'm anxious to get him out there and to continue to build this thing around him.''