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Caleb Williams

Bears QB Caleb Williams Attempted To Skirt Tax Implications Of Rookie Contract

July 19th, 2024 at 9:16pm CST by Ely Allen

JULY 19: Despite the efforts from Williams’ camp to land a precedent-setting pact, Florio confirms the deal falls firmly in line with the standard rookie-scale structure. Even the matter of offset language is as expected based on typical rookie contracts. Moving on from Williams with term left on the deal would indeed leave the Bears in line for offsets, though team and player will of course hope such a situation does not arise.

This is a bit of a surprise as Joel Corry of CBS Sports notes that the Bears made such concessions on offsets for Mitchell Trubisky, whom the team drafted No. 2 overall in 2017, and Justin Fields, No. 11 overall in 2021. It’s not even like either of those situations came back to bite them as Trubisky played out the entirety of his rookie contract in Chicago and Fields, while no longer with the team, had his contract taken over by the Steelers when they acquired him via trade.

JULY 17: The Bears signed No. 1 overall draft pick Caleb Williams to his rookie contract today, and we’ve already reported on a number of intriguing negotiation tactics utilized by Williams throughout this process. These include the lack of an NFLPA-certified agent, opting instead for a “board of directors” approach, and the quarterback’s aim to secure a no-franchise tag clause in the deal.

According to Mike Florio of NBC Sports, though, these weren’t the only tactics Williams pursued. After already trying to set new precedents with the no-franchise tag clause, Williams reportedly also attempted to break new ground on how his rookie salary will be taxed. Williams’ father has experience working in commercial real estate, providing his camp with unique insight into tax law.

One of the attempts employed by Williams’ camp reportedly tried to get Williams paid as an LLC. As a corporation, Williams would face different tax laws than those of an individual. While the league’s Collective Bargaining Agreement doesn’t appear to have any stipulations limiting this approach, the NFL ultimately made the overarching call to deny Williams, telling the Bears that a player’s money can’t go to a business entity other than the individual.

A second approach saw Williams attempt to model his rookie contract payments after a forgivable loan. In this scenario, Williams could have received the money tax-free until the loan was forgiven in as many as 10 years. Once again, through the league’s advice, Chicago ultimately turned down this option, as well.

Other rumors suggest a situation in which the contract would’ve included “language that will void future guarantees,” bringing up questions of whether or not the Bears would be entitled to receive an offset should they release Williams with guaranteed money remaining and he signs with a new team.

Credit where credit is due, Williams and his crew were extremely creative in their attempts to maximize the value of Williams’ new source of income. The Bears appeared to be willing to play ball but were time and again blocked by the league. While unsuccessful in these attempts, Williams may have opened the door for future first-round picks to have more grounds for negotiation in their rookie contracts.

Caleb Williams Aimed To Secure No-Franchise Tag Clause In Bears Rookie Deal

July 17th, 2024 at 6:05pm CST by Sam Robinson

Reported as completed Tuesday, the Bears’ negotiations with Caleb Williams may not be done just yet. As this is a modern rookie contract, a deal is expected to be finalized well before the season. But this year’s No. 1 pick asked for an unusual clause, representing one of the hold-ups.

Set to be tied to a fully guaranteed deal worth just more than $39MM in total, Williams is believed to have asked for a wrinkle only select veterans receive. The 2022 Heisman winner asked the Bears to include language in his rookie contract preventing them from applying the franchise tag at the conclusion of his first deal, according to Pro Football Talk’s Mike Florio.

No rookie has secured that term, and Florio adds the Bears made the expected move to decline their new quarterback’s ask. Dak Prescott secured this term with the Cowboys, while other passers — Kirk Cousins with the Vikings, Drew Brees during his final Saints years — were on de facto no-tag arrangements due to having been previously cuffed twice.

The tag represents a major tool at teams’ disposals. Removing it from the equation would set a fascinating precedent for the Bears and perhaps the No. 1 draft slot on the whole. Chicago continues to negotiate with Williams, but the team is not adding that clause.

Williams was loosely linked to a potential power play coming out of USC, but nothing transpired on this front. The USC standout could have conceivably pushed for a no-tag clause when determining whether to enter the draft, as the threat of him resuming his Trojans career — rather than joining the Bears — existed if this was especially important. That would have meant passing on a clear-cut path to the No. 1 draft slot and the money that comes with it. Regardless of the NIL era changing the game for current college standouts, Williams would not have been able to command that $39MM number as a college QB.

Quarterbacks rarely reach the tag precipice, generally being signed between their third and fourth seasons — when they become extension-eligible. Trevor Lawrence became the latest passer to take this route, one that gives QBs monster paydays early — replacing a rookie-deal fourth season — and provides teams with early control as the market skyrockets. But the tag gives teams considerable leverage during most negotiations.

Cousins and Prescott — as non-first-rounders — took different routes and ended up tagged. Lamar Jackson is the only first-round QB outlier in recent NFL history, failing to come to terms on a Ravens extension in 2021 or 2022. That led to a tag and a then-record-setting extension. Prescott also negotiated with the Cowboys for three offseasons and eventually used the threat of a second tag number clogging Dallas’ 2021 cap sheet as leverage to secure the terms he did. Williams’ camp undoubtedly paid attention to those proceedings, as team gives up considerable power in negotiations without a tag in the picture.

The Bears have not been in position to pay a homegrown QB for many years, seeing Mitch Trubisky and Justin Fields fail to warrant such commitments. Chicago did reward Jay Cutler with multiple extensions, but the eight-year Bears starter was a Broncos trade acquisition. If Williams shows promise early, the Bears will surely have a $60MM-plus windfall earmarked for 2027, when he first becomes eligible. The fifth-year option (for 2028) would come into play during the ’27 offseason, but the Bears will not allow a no-tag clause to be part of their QB1’s first NFL contract.

Bears Sign No. 1 Pick Caleb Williams

July 17th, 2024 at 2:45pm CST by Sam Robinson

JULY 17, 2:45pm: Once again, we have a report Williams has agreed to terms with the Bears. This latest offering, from NFL.com’s Tom Pelissero, comes after a report the highly touted passer attempted to become the first rookie to receive a no-tag clause in his first NFL deal. The Bears balked, potentially putting this issue to bed for other No. 1 picks for a while, and have their new starter under contract. The team have since announced the signing.

11:58am: While Williams’ deal is expected to be completed soon, Pro Football Talk’s Mike Florio notes some minor issues remain unresolved. The lawyer representing Williams is not especially experienced with NFL contracts, per Florio, complicating this process to a degree. Though, the No. 1 pick is on track to collect his full signing bonus not long after the deal is finalized. It does not appear like that has happened just yet.

JULY 16: Hours after Rome Odunze‘s signature on his rookie contract, Caleb Williams is putting pen to paper as well. The Bears are also signing their No. 1 overall pick to his rookie deal Tuesday, ESPN.com’s Adam Schefter tweets.

This will be a fully guaranteed four-year deal worth $39.49MM. While this is a fraction of what No. 1 picks commanded before the 2011 CBA reshaped rookie pacts, Williams’ slot price sits higher than anyone drafted since. The Bears, who traded Justin Fields to make room for the 2022 Heisman winner, now have this year’s top draftee signed through 2027.

[RELATED: Five 2024 Draft Choices Remain Unsigned]

Williams marks the latest QB swing from a Bears team that has been unable to find a true franchise-level option. Fields showed some improvement last season, but Williams’ ceiling is viewed as considerably higher. Chicago’s whiff on Mitch Trubisky remains one of the modern draft era’s most infamous transactions, seeing as Patrick Mahomes and Deshaun Watson were drafted soon after. The team’s Jay Cutler trade, which cost two first-round picks and change, produced one playoff berth in eight seasons. A 2023 Panthers trade, however, changed Chicago’s fortunes and led to a rare opportunity.

The Bears did pass on C.J. Stroud by sending the Panthers the 2023 top pick, leading to Carolina choosing Bryce Young. Although GM Ryan Poles attempted to give Fields a shot at making a case to be the team’s long-term option, the Panthers finishing 2-15 changed the Bears’ plans. Few expected Chicago to seriously entertain trading out of No. 1 for a second straight year, and the team did not. The Bears instead unloaded Fields — for a price (a conditional sixth-round pick) much lower than most anticipated — to clear the decks for Williams. With no notable backup in place, the former Lincoln Riley pupil will move into Chicago’s starting lineup soon.

The Bears already named Williams their starter, though that status was never in doubt. The former Oklahoma recruit-turned-USC superstar had established himself as the clear-cut top option in this year’s class during his 2022 Heisman-winning season. Williams did not fare as well as a junior, but he did not do enough to fall in the draft. This year’s spree of draft rumors centered around five quarterbacks, not six, as Williams-to-Chicago was an open secret for weeks.

Although some evaluators referred to Williams’ Combine interviews as “not great,” the dynamic talent was never closely connected to any team but the Bears. That set him apart from Young last year, as the Panthers were also tied to Stroud and Anthony Richardson, and placed Williams closer to the Trevor Lawrence and Joe Burrow levels. Williams’ supporting cast looks better than both those talents coming in.

Williams totaled 4,537 passing yards, with a 42-5 TD-INT ratio, during his Heisman season. Although the Trojans took a step back in 2023 by losing five of their final six regular-season games, Williams still closed with a 30-5 TD-INT ratio and improved his completion percentage from 66.6% to 68.6%. Williams’ yards per attempt number (9.4) also bettered his Heisman average (9.1). Williams averaged at least nine yards per pass in each of his three college seasons.

The 6-foot-1, 214-pound passer will now team with one of the top receiver groups in Bears history, with Chicago adding Keenan Allen and Odunze to a group fronted by D.J. Moore. The Bears also have Cole Kmet and ex-Shane Waldron charge Gerald Everett rostered at tight end. After Trubisky and Fields struggled with limited pass-catching help, Williams will begin an attempt to reverse this franchise’s miserable modern QB history with a deep array of weaponry.

Going into training camp, here is how the Bears’ 2024 draft class looks:

Latest On Caleb Williams’ Contract Status

July 15th, 2024 at 8:06pm CST by Ben Levine

With Bears rookies set to report to training camp tomorrow, first-overall pick Caleb Williams remains unsigned. With few negotiating terms on rookie contracts, NFL Network’s Ian Rapoport says there’s little chance the quarterback engages in a rare rookie holdout. However, Rapoport did hint that Williams may not take the practice field until veterans report on Friday.

As NFL.com’s Kevin Patra notes, signing bonus payment schedules and offset language are often the main holdups in rookie contracts. Williams isn’t operating with an NFLPA-certified agent, and Rapoport notes that his unorthodox “board of directors” approach could lead to prolonged negotiations. Ultimately, the USC product is expected to sign a four-year deal worth $39.5MM, plus a fifth-year option.

Williams didn’t sound distracted by his contract status, with the rookie deferring to his representation.

“I’m not handling that,” Williams told reporters this past weekend (via Colleen Kane of the Chicago Tribune). “My lawyers and attorney and everybody, the head of the Bears, everybody up there up top is handling that. That’s not my position that I’m handling.”

For what it’s worth, Williams did make it clear that he’s excited to practice with his new squad, indicating that he’s not anticipating a delay.

“You start getting to the end of the break and you’re training and you’re ready to go,” Williams said (via Kane). “Really excited. … I’m really happy to be back in Chicago and to get this thing going. We’re only about three weeks away (from the exhibition opener).”

Williams is one of seven draft picks who haven’t signed their rookie deals. This grouping includes the QB’s new teammate, ninth-overall pick Rome Odunze. Rapoport doesn’t expect there to be any issues with the wide receiver’s contract, noting that the deal will probably be completed only when absolutely necessary.

Ten Unsigned 2024 Draft Picks Remain

June 17th, 2024 at 5:40pm CST by Sam Robinson

The NFL collectively is ahead of where it was last year with regards to draft signings. Teams have navigated the guarantee issue second-round contracts presented in recent years. Unlike 2023, when 30 players were unsigned in late June and nearly half the second round was without contracts entering July, we are down to 10 unsigned rookies from the 2024 class. Here is the lot still without NFL contracts:

Round 1:

Round 2:

Round 3:

The clearest difference between this year and last comes from the second round. On June 17, 2023, half the second-rounders were unsigned. The 2011 CBA introducing the slot system has removed most of the drama from rookie-deal negotiations, but second-rounders continue to make guarantee gains. This contractual component has complicated matters for teams in the past, but that has not been the case — for the most part — this year.

A number of 2021 second-round picks remain attached to their rookie deals. Those terms illustrate the improvements Round 2 draftees have made on that front since. The Jaguars did guarantee 2021 No. 33 pick Tyson Campbell‘s first three seasons; his fourth brought $50K guaranteed. This year, the Bills needed to guarantee nearly Keon Coleman‘s entire rookie contract. Coleman has three years locked in and $1.74MM of his $2.1MM 2027 base salary is guaranteed at signing. This year’s No. 59 overall pick (Texans tackle Blake Fisher) secured more in Year 4 guarantees than Campbell’s deal contains.

A sizable gap does exist between Coleman’s final-year guarantees and those of Falcons DT Ruke Orhorhoro (No. 35 overall). The Clemson product has $966K of his $2.1MM 2024 base guaranteed. This gulf has likely caused the holdup for the Chargers and McConkey, a player who — after the exits of longtime starters Keenan Allen and Mike Williams — stands to be a central figure in the Bolts’ first Jim Harbaugh-era offense. With the top players in Round 2 on the cusp of seeing fully guaranteed deals, McConkey can set another notable precedent while gaining some additional security for himself.

First-round contracts have only been fully guaranteed en masse since 2022, when Vikings safety Lewis Cine — chosen 32nd overall — secured those terms. Though, matters like offset language still have been known to slow negotiations. Extended holdouts into training camp no longer occur among rookies, with players risking the loss of an accrued season toward free agency — a product of the 2020 CBA — by doing so. Corley and Benson were this year’s top third-round picks. The 49ers gave No. 64 overall pick Renardo Green two fully guaranteed years. That has likely caused a holdup for the Jets and Cardinals, considering the progress made via contracts agreed to by earlier draftees.

Bears Name Caleb Williams Starting QB

May 10th, 2024 at 10:10pm CST by Sam Robinson

Given the makeup of the Bears’ quarterback depth chart, Caleb Williams beginning his career on the sideline never appeared a realistic possibility. Matt Eberflus dispensed with any mystery on this front Friday.

Eberflus confirmed the No. 1 overall pick is the Bears’ starting quarterback. Seeing as the Bears traded three-year starter Justin Fields for an underwhelming return and have not added a veteran who would make sense as even a short bridge to Williams, this was the widely expected plan in Chicago.

Entering mid-May, Chicago’s QB room consists of Williams, 2023 UDFA Tyson Bagent, Brett Rypien and 2024 UDFA Austin Reed. Bailey Zappe‘s successor at Western Kentucky, Reed adds to the non-Power 5 theme behind Williams. Bagent hails from Division II Shepherd, Rypien from Boise State.

Rypien carries by far the most experience in this group, having come into the league in 2019. But he spent time with three teams (the Rams, Seahawks and Jets) last season. Rypien’s start in place of Matthew Stafford against the Packers went poorly enough the Rams cut him soon after and reached an agreement to end Carson Wentz‘s lengthy free agency stay. Rypien, 27, is tied to a one-year, $1.13MM deal with no guarantees. Bagent did go 2-2 as a starter in place of Fields last season but finished his midseason run with three touchdown passes, six interceptions and a 6.0 yards-per-attempt number.

The other five teams to draft first-round QBs have potential starters via veteran pieces added this offseason. Marcus Mariota looms as Commanders insurance against Jayden Daniels needing a bit of time to develop, while Jacoby Brissett looks to have a better chance to be the Patriots’ bridge to Drake Maye. Kirk Cousins will, barring a snag in his rehab from Achilles surgery, be the Falcons’ starter over Michael Penix Jr. this season. Sam Darnold should have a good shot to hold off J.J. McCarthy to open the season. Bo Nix making a Division I-FBS QB-record 61 starts and being 24 points to the No. 12 overall pick being an early-season starter in Denver, but the Broncos have both Jarrett Stidham and Zach Wilson as possible placeholders.

Williams started each of his three college seasons, unseating Spencer Rattler at Oklahoma in 2021 and following Lincoln Riley to USC. Williams’ 2022 Heisman season placed him atop this year’s prospect lists — to the point the pre-draft rumors centered around the action that would take place after the Bears chose the Trojans standout. Although the Bears used first-round picks on QBs three times this century (Rex Grossman, Mitchell Trubisky, Fields) and traded two first-rounders (and more) for Jay Cutler, Williams’ debut will be easily the most anticipated start by a Bears passer in decades (if not ever).

Bears Draft Caleb Williams First Overall

April 25th, 2024 at 7:19pm CST by Adam La Rose

As expected, the Bears have kicked off the 2024 draft by adding their quarterback of the present and future. Chicago has selected Caleb Williams with the first overall pick.

The 2022 Heisman winner entered the past campaign in pole position to be the first player off the board. His highly productive campaign that year – upon following Lincoln Riley from Oklahoma to USC – led to massive expectations and many evaluators deeming him a generational prospect. While the Trojans did not have a stellar showing in 2023 and Williams’ statistical output (both in the air and on the ground) regressed slightly, he has long remained the favorite for the No. 1 slot.

The Bears acquired Carolina’s first-round pick as part of last year’s blockbuster deal which delivered Bryce Young to the Panthers. Now, Chicago general manager Ryan Poles has taken advantage of the 2024 draft’s top choice to add a replacement for Justin Fields. The latter spent the past three years at the helm of Chicago’s offense, and he entered 2023 as a critical evaluation period. With the Bears still struggling to move the ball through the air and Fields failing to show tangible signs of improvement, Poles and Co. elected to start over at the QB spot.

Following through on the stated goal of “doing right by” Fields, Chicago dealt the 2021 first-rounder to the Steelers in March. That swap yielded less compensation than what other teams are believed to have been willing to offer, but it allowed Fields to go to his preferred destination. It also, of course, cleared the way for Poles to draft his own franchise QB in his third season in charge.

Williams’ pre-draft process was not seen as the greatest amongst 2024 quarterbacks, and some teams reportedly have Jayden Daniels ranked as the class’ top signal-caller. Chicago only hosted one QB prospect this spring, though, and Williams in turn only met in-person with one potential employer. Team and player can now officially move forward with a relationship which has long been foreshadowed.

The Bears’ offense has seen a number of changes this offseason, including the hiring of new OC Shane Waldron. Chicago has also signed running back D’Andre Swift and traded for wideout Keenan Allen, adding those players to a skill-position corps already featuring D.J Moore and Cole Kmet. That unit may see another notable move made at a pass-catching position or along the offensive line with the No. 9 pick.

Williams will thus enter a situation where he will not need to be as much of a catalyst as he was with the Trojans. If things go according to plan, though, he will provide Chicago with a long-term solution under center and thus fill a massive organizational need.

Draft Rumors: Williams, Bears, Fashanu, Latham, Bolts, Bowers, Seahawks, Murphy

April 25th, 2024 at 3:31pm CST by Sam Robinson

Pass rusher and wide receiver have been mentioned most often as the Bears‘ targets at No. 9 overall. Though, the player who will almost definitely be chosen at No. 1 (Caleb Williams) in a few hours seems to have Chicago’s D-line ranked outside the top two among his positional priorities here.

“I’d probably go Olu Fashanu because I know he’d put his life on the line for me, protecting me,” Williams said, via Pro Football Talk’s Michael David Smith. “Then I’d go one of the top three wide receivers.”

A Penn State-developed tackle, Fashanu played high school football (at Gonzaga College HS in Washington D.C.) with Williams. That makes it unsurprising the 2022 Heisman winner would stump for his old teammate. The Bears are believed to have a tackle addition on their radar for No. 9, with GM Ryan Poles splitting his staff into pods debating the merits of taking a tackle, edge rusher or wide receiver with that pick. Chicago looks to have done more work on wideouts and pass rushers, being linked to adding a weapon — potentially Rome Odunze or tight end Brock Bowers — for Williams. The team has Braxton Jones and 2023 No. 10 overall pick Darnell Wright at tackle. Fashanu grades 15th on Daniel Jeremiah’s NFL.com big board.

Hours away from Williams starting this draft, here is the latest:

Latest On Bears’ Interest In Caleb Williams

April 18th, 2024 at 10:01pm CST by Ben Levine

While recent reports indicated that Caleb Williams isn’t the unanimous QB1 prospect across the NFL, the Bears are leaving no doubt about their trust in the projected top-overall pick. As Brad Biggs of the Chicago Tribune writes, the Bears believe there is a “pretty wide gap” between the USC product and the rest of the quarterback class.

The 2022 Heisman winner has long been regarded as the top passer in the 2024 class. After the Bears secured the first-overall selection, the team quickly ripped off the band-aid and avoided a QB controversy by dealing Justin Fields. That trade all but confirmed that the organization was going to select a rookie QB.

However, the team has yet to reveal which QB they’ll select. There’s little incentive to reveal their choice early, but as Biggs notes, that’s led to some speculation that the team could pursue a move down the draft board.

Before the Bears settled their QB depth chart, the Commanders looked like they could be a landing spot for Williams. That move would have sent Williams back to the area in which he went to high school at Gonzaga College HS, and it would have reunited him with college coach Kliff Kingsbury.

If the Bears wanted to pick up even more assets and still snag a top quarterback prospect, a trade with the Commanders could have made sense. However, if the Bears believe there’s a significant drop in talent at the position after Williams, there isn’t any amount of trade assets that would make up that gap.

There seemed to be some cracks in Williams’ consensus number-one ranking earlier this week. There were some rumblings that teams have graded LSU’s Jayden Daniels over the USC QB, with some organizations believing the prospect had an underwhelming pre-draft process. While most teams seemed to understand that this was a “byproduct of being a player who knows he’s going No. 1,” Williams didn’t look as invincible atop the draft board as he once did.

QB Prospect Notes: Williams, Patriots, Commanders, Giants

April 16th, 2024 at 8:48pm CST by Ben Levine

Caleb Williams is still expected to hear his name called first during next week’s draft, but the USC quarterback didn’t make the best impression on teams during the pre-draft process. According to ESPN’s Jeremy Fowler, Williams’ interviews with teams were described as “good, not great” and “just OK.”

As Fowler notes, Williams declined medical exams and only did a handful of interviews, where he didn’t show the same poise and preparation as his fellow QB prospects. Naturally, some teams assumed this was a “byproduct of being a player who knows he’s going No. 1.” While Williams’ pre-draft strategy wasn’t considered a personality red flag by scouts, one AFC executive believes Williams left the door open for the Bears to pivot.

“I don’t think he’s had a great spring,” the executive told Fowler. “He’s still going first. That’s pretty much a done deal. But while he was a no-brainer three months ago, there’s at least a conversation now. Even still, I think he’s a smart kid, a good kid. He just knows where he’s going.”

Perhaps partly due to Williams’ offseason showing, there are some coaches who have actually graded LSU’s Jayden Daniels over the USC QB, per Adam Caplan of ProFootballNetwork.com. Of course, the only opinion that matters belongs to the Bears, but this recent grading adjustment at least leads Caplan to surmise that Daniels will be selected ahead of North Carolina’s Drake Maye.

While Maye is an underdog to be selected in the top-two, it’s no longer a guarantee that he’s even chosen with the third-overall pick. As Albert Breer of SI.com notes, there’s a “healthy debate” in New England between Maye and Michigan’s J.J. McCarthy. While there’s still a chance the Patriots trade out of the No. 3 spot in pursuit of future picks, Breer believes owner Robert Kraft “views this as a rare chance to get a quarterback at this level.” The organization has certainly made it clear they’re eyeing all of the top-tier prospects, as the Patriots have met with Daniels, Maye, and McCarthy.

Washington is currently sitting with the second-overall pick, and they’ve been equally active in scouting QB prospects. Interestingly, the team will be hosting all of Daniels, Maye, McCarthy, and Washington’s Michael Penix for their top-30 visits at the same time, per Breer. This stems from GM Adam Peters‘ experience from San Francisco, where the 49ers would bring in groupings of prospects to see how they interact with peers.

With the Cardinals and Chargers likely out of the running for a top QB prospect, the Giants are next in line at the position behind Chicago, Washington, and New England. There’s been recent buzz that the Giants could look to move up (per Ryan Dunleavy of the New York Post) or even move back (per Fowler, via WBG84), but either way, it’s pretty clear the organization is targeting a signal-caller.

Dan Duggan of The Athletic believes the Giants are high enough on Maye that they’d swing a trade up the draft board. The writer also believes the organization isn’t enamored with McCarthy, perhaps necessitating a trade back if the Michigan QB is there at No. 6. If the Giants do end up trading back, Duggan could see a scenario where the team is actively pursuing Penix or Oregon’s Bo Nix in the back half of the first round.

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