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Wide receiver Calvin Ridley was already in line to receive a massive contract this offseason, whether it came from returning to the Jaguars or signing elsewhere as a free agent. But now, he’s at the top of the market.
Star receiver Mike Evans agreed to terms on a two-year, $52 million extension Monday with the Tampa Bay Buccaneers. The Bengals‘ Tee Higgins was franchise-tagged last month, and Colts general manager Chris Ballard definitively said at the combine that Michael Pittman Jr. will be staying in Indianapolis in 2024 one way or the other, whether it be via franchise tag or extension.
After Higgins, Evans and Pittman, Ridley was the highest-rated wide receiver on FOX Sports’ impending free agent list at No. 23 overall. Now, he is expected to be the No. 1 wide receiver in unrestricted free agency when the signing period begins on March 13.
Considering his production last season and the dearth of elite wide-receiver talent hitting the market, Ridley is in line to receive a contract valued north of $23 million in average annual value. He played on his $11.1 million fifth-year option in 2023, when he had 76 catches for 1,016 yards and eight touchdowns in 17 games for Jacksonville. He didn’t miss a practice, let alone appear on the injury report, an impressive feat considering the nature of the sport.
Regardless of the price, the Jaguars should be inclined to pay up for Ridley. There’s tremendous pressure on coach Doug Pederson and general manager Trent Baalke to deliver in 2024, after last season’s collapse wasted one of the final years of Trevor Lawrence‘s rookie contract.
Their jobs could be on the line.
And trying to replace Ridley’s production, let alone improving the wide receiver room without him, is a tremendous risk.
“I had a great talk with Calvin, I know exactly where he’s at, and he knows exactly where we’re at,” Baalke said last week at the NFL Combine. “We’re just going to continue to work with all of these [free agents] and try to come to some form of compromise, some form of resolution as the weeks go on.”
Using the No. 17 pick on a receiver would become a must for Jacksonville if Ridley walks. Picking up a veteran in the second or third wave of free agency to provide additional depth would be another strong priority. But the Jags are best served to draft a receiver to bolster the depth of a Ridley and Christian Kirk-led room — a prospect who can be groomed as a long-term top option — as opposed to hoping the rookie can immediately replace Ridley in what’s a make-or-break year for Jacksonville.
Reaction: Mike Evans, Bucs agree to two-year, $52 million deal
Consider the wide-receiver picture as a whole. Kirk is coming off a season in which he missed the final five games due to a core muscle injury. Zay Jones is a cap casualty candidate (Jacksonville would save more than $4.1 million against the cap by cutting Jones, who missed eight games last season). No other wide receiver on the roster had 17 catches (sixth-round rookie Parker Washington had 16).
Ridley could have a breakout 2024, too. He surpassed 1,000 receiving yards last season despite missing nearly two years of football. The rust will be knocked off next season. He has a year under his belt of working with Lawrence.
“Calvin was the one that was the healthiest [among the wide receivers] at the end of the season, and he was a great addition to our offense,” Pederson said at the combine. “Obviously, would love to get him back if possible. I think he has an element of speed down the field that we need.”
Knowing that the Jaguars are also hoping to retain impending free-agent edge rusher and franchise-tag candidate Josh Allen — he could command a deal in the range of $30 million per year — Baalke must be mindful of the team’s financial constraints. The Jaguars rank 18th with $29.2 million in 2024 salary cap space, according to overthecap.com.
But Ridley should be a priority to re-sign, even if it means doing so in the new league year to preserve a second-round pick. Based on the terms of Ridley’s trade from Atlanta in November 2022, Jacksonville owes the Falcons a third-round pick in 2024. That becomes a second-rounder if Ridley gets an extension from Jacksonville before the new league year.
“We’re just going to work with the player and see if we can come to an agreement,” Baalke said. “Whether that’s before that compensation changes [from a third-round pick to a second-rounder] or not, that remains to be seen. We’re more focused on the player.”
The Jaguars should be.
Letting Ridley walk could be devastating for Jacksonville.
Ben Arthur is the AFC South reporter for FOX Sports. He previously worked for The Tennessean/USA TODAY Network, where he was the Titans beat writer for a year and a half. He covered the Seattle Seahawks for SeattlePI.com for three seasons (2018-20) prior to moving to Tennessee. You can follow Ben on Twitter at @benyarthur.
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