Chargers Sign WR Mike Williams to Contract Extension, Forgoing Franchise Tag
With the franchise tag deadline set at 4 p.m. ET on Tuesday, the Chargers and wide receiver Mike Wiliams have come to grips on a new contract extension.
According to ESPN's Adam Schefter, the Chargers are signing Williams to a three-year, $60 million deal that includes $40 million guaranteed, marking an average annual value of $20 million per season.
Oct 31, 2021; Inglewood, California, USA; Los Angeles Chargers quarterback Justin Herbert (10) talks to wide receiver Mike Williams (81) during the second half at SoFi Stadium. Mandatory Credit: Orlando Ramirez-USA TODAY Sports
Had the Chargers placed the franchise tag on Williams, he would’ve been on the hook for a guaranteed rate of $18.419 million for the 2022 season.
Williams, the sixth overall pick in the 2017 NFL Draft, was on the books in 2021 for $15.68 million while playing on the fifth-year option. His rookie contract included a four-year, $19.7 million deal with a $12.5 million signing bonus.
He's entering his age 28 season following a year in which he posts career highs in receptions (76) and yards (1,146), along with nine touchdowns.
By keeping Williams in-house, the Chargers, in all likelihood, take themselves out of the market for a first-round wide receiver come draft day. Williams, Keenan Allen and Josh Palmer headline the position – and while the Chargers still could use a vertical threat to strike fear into defenses with a legitimate field-stretcher – the decision to retain Williams makes the wide receiver group less of a pressing need at this point in the offseason.
Oct 10, 2021; Inglewood, California, USA; Los Angeles Chargers wide receiver Mike Williams (81) scores a touchdown against the Cleveland Browns during the second half at SoFi Stadium. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
The NFL announced Monday that the salary cap for the 2022 season is being raised to $208.2 million.
Prior to singing Williams, the Chargers held $56,316,690 million in cap space, according to Over The Cap.
More from Charger Report
- Chargers 2022 NFL Mock Draft 1.0: Post-Combine Edition
- How the NFL's New $208.2 Million Salary Cap for the 2022 Season Impacts the Chargers
- Report: Chargers Could be 'in the mix' for J.C. Jackson, Stephon Gilmore
- 5 Standouts From the NFL Combine Who Can Fill Needs for the Chargers
- Report: Chargers Expected to be Among the Teams Showing Interest in Free Agent OLB Von Miller
- 5 High-Profile Free Agents the Chargers Should Consider Signing
- Report: Chargers Have Intensions to Re-Sign Uchenna Nwosu, Four Other Teams Also Interested
- Chargers 2022 NFL Combine: Risers and Fallers From Day 3
- Report: Chargers and Derwin James Haven’t Started Negotiations on Contract Extension Despite Mutual Interest
- Chargers Met With Cincinnati CB Sauce Gardner at NFL Combine
Nick Cothrel is the publisher of Charger Report. Follow Nick and Charger Report on Twitter @NickCothrel & @ChargerReport for more Chargers coverage.
