The Good, Bad and Ugly of the Buccaneers Waiting on Baker Mayfield's Extension

The Tampa Bay Buccaneers aren't extending Baker Mayfield before the offseason begins. Here's what that means.

Tampa Bay Buccaneers quarterback Baker Mayfield (6) looks on against the Atlanta Falcons | IMAGN IMAGES via Reuters Connect

The Tampa Bay Buccaneers were given a training camp deadline to get an extension done with quarterback Baker Mayfield. Mayfield and general manager Jason Licht tried to get something done, but it didn't happen.

Now, Mayfield will stop negotiating with Tampa Bay, and he'll play out the last year of his deal and then circle back with the Bucs after the season ends, per FOX Sports' Greg Auman.

Any talks of a new contract for Baker Mayfield and the Bucs are finished, and he will play the 2026 season on his current expiring deal and the two sides will revisit things from there. Potentially a major free agent in March.

— Greg Auman (@gregauman) July 28, 2026

Both sides are taking a risk, and the Bucs are maybe taking less of one — but as always, there are pros and cons to the situation. Here's the good, bad and ugly behind Mayfield and Tampa Bay's recent decision:

The Good: It's Smart to Wait on Mayfield's Extension

Tampa Bay Buccaneers general manager Jason Licht speaks at the NFL Scouting Combine at the Indiana Convention Center. | IMAGN IMAGES via Reuters Connect

The Buccaneers have the upper hand here when it comes to the negotiating process.

Mayfield is still in the last year of his contract and is making $33 million APY for his services. He had a rough outing during the back half of last year, and because of that, Tampa Bay might be afraid to pay him too much in the grand scheme of things.

If Mayfield has a down year and the Bucs don't do well, Tampa Bay has some real flexibility. They can choose to bring him back at a bargain once again if they do want to keep him around, or, if they clean house on the coaching staff and want to hit the reset button, they can do that without any trouble.

If Mayfield pays really well, then he'll be worth it for the Bucs. That would also be a win, but as we'll talk about below, it might hurt a bit.

The Bad: The Bucs are Gambling Just Like Mayfield Is

Tampa Bay Buccaneers quarterback Baker Mayfield (6) throws a pass against the Carolina Panthers | IMAGN IMAGES via Reuters Connect

Mayfield is looking at more than $50 million APY on his desired contract. That's about what the franchise tag would cost if Tampa Bay wanted to go that route, but if Mayfield has his best season or one close to the one he had in 2024, it might cost Tampa Bay a lot more.

If Mayfield plays like a top-five quarterback, that number could get farther away from $50 million and get a lot closer to $60 million. That would be a hefty cap hit, and the Bucs could have saved millions if they had extended Mayfield this offseason, were this scenario to come to pass.

It wouldn't be too bad, all things considered, as Mayfield's play would warrant the payday. But if this happens, Licht would probably be kicking himself for a while afterward.

The Ugly: What Message Does This Send?

Tampa Bay Buccaneers coach Todd Bowles speaks at the NFL Scouting Combine at the Indiana Convention Center. | IMAGN IMAGES via Reuters Connect

There is also, of course, the optics of the Bucs waiting on Baker Mayfield, and the problem is expounded upon when you add Vea's contract into the equation.

Other players will be watching when a team like the Bucs doesn't give out extensions and plays the waiting game. The Bucs have been quite good at this in the past and rewarded their players, but this is a notable shift, and it's something that other players in free agency will likely take note of when Tampa Bay becomes an option among their destinations.

Additionally, it makes one question how the Glazer family and Tampa Bay's front office feel about the team's chances. If they were sure they were going to be successful, extending Mayfield and Vea would be a no-brainer. But there could be some doubt there, especially given the flexibility the team would have with Mayfield if the year didn't go well and the coaching staff was cleaned out.

How confident are the Bucs that they'll compete in 2026? We'll wait to see for sure, but this could be an ominous sign.

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