Analysis: Terry Pegula has spent big – now those who have been rewarded must deliver title
Terry Pegula has done his part this offseason. Now, it’s up to the players who have signed contract extensions with the Buffalo Bills to do theirs, Jay Skurski writes.
Terry Pegula has done his part this offseason.
Now, it’s up to the players who have signed contract extensions with the Buffalo Bills to do theirs.
Bills owner Terry Pegula has paid out a staggering amount of money in contract extensions this offseason.
Harry Scull Jr., Buffalo News
There is a reason general manager Brandon Beane said Wednesday that the process that led to the most recent big-money contract extension handed out by the team, to running back James Cook on Wednesday, started with the team’s owner.
Pegula is the one who ultimately controls the purse strings, and he’s given Beane seemingly free reign to spend as big as necessary this offseason in an effort to sustain the Bills’ current run of success and take it to the next level.
In order, Beane has handed out the following contract extensions this offseason, with some of the numbers being rounded to the closest million:
Wide receiver Khalil Shakir: Four years, $53 million, $30 million in guarantees.
Linebacker Terrel Bernard: Four years, $42 million, $24 million in guarantees.
Defensive end Greg Rousseau: Four years, $80 million, $54 million in guarantees.
Quarterback Josh Allen: Six years, $330 million, $250 million in guarantees.
Cornerback Christian Benford: Fours year, $69 million, $38 million in guarantees.
Cook: Four years, $48 million, $30 million in guarantees.
If those six players were to make it through the life of their respective contracts, Pegula will have paid out $622 million.
Six. Hundred. Twenty-two!
“You know our motto here: we want to draft and develop and re-sign,” Beane said Wednesday. “That starts with Terry Pegula giving us – you guys know all the money we doled out this offseason, and this is another draft pick that we’re proud of and excited to extend, and fortunately late last night, we got it across the finish line.”
The Bills’ spending this offseason has been staggering. As of Wednesday morning, sports financial website spotrac.com had the Bills spending $355 million in cash during the 2025 season, a total that ranked second behind only the Minnesota Vikings, who are spending just shy of $365 million.
The exact structure of Cook’s extension is not yet known, however, meaning the Bills could easily leapfrog Minnesota to become the league’s highest-paying club in 2025 in terms of cold, hard cash.
The NFL isn’t exactly bleeding money, so Pegula doesn’t need to take out a loan any time soon, but it’s nonetheless a level of commitment the Bills have not always had at the ownership level. A certain generation of fans might remember the Bills’ “cash to the cap” approach under previous owner Ralph C. Wilson Jr.
It’s one thing to spend. It’s another to do it wisely.
It will be determined in the months and years ahead if Pegula and Beane have made smart decisions. The team has spent big before to re-sign its own but has been met with some mixed results.
Cornerback Tre’Davious White got paid, but then injuries sidetracked his career. Tight end Dawson Knox and defensive tackle Ed Oliver also have signed extensions from Beane’s draft classes. At times, the Bills probably wanted a bit more from both.
On the flip side, left tackle Dion Dawkins has rewarded the Bills with Pro Bowl-level play since signing his extension, while right tackle Spencer Brown had the best year of his career last season after signing an extension.
“You can’t guarantee someone, ‘Hey, you signed this, you’ve got to win us a championship’ or anything like that, but I think it’s just playing their role, doing their job, and continuing to ascend,” Beane said. “Those same habits that they had – you know, obviously they’ve got to play well on the field – but continue those same habits that helped them have the success on the field.”
Beane believes that all six of the players the team has extended still have their best football in front of them. He believes the money won’t change them for the worse, and that they’ll continue to set the right example for those around them.
“These guys have come back ready to roll,” he said. “I know ‘Jimbo’ will do that as well. These are competitive guys. … This is the new, young core that we’re kind of putting our money into. Lead on the field, lead off the field, just be the kind of Buffalo Bills that we want.”
Whenever a player signs a contract extension, it brings with it a new set of expectations. That is true for every one of the Bills who did so this offseason. As the reigning NFL MVP, the bar is highest for Allen, which is why he’s paid the most. The Bills need him to continue to be one of the very best players in the league to have their best chance at that elusive first Super Bowl victory. No pressure, Josh.
Shakir’s numbers have jumped year over year for the first three years of his career. After putting up 76 catches for 821 yards and four touchdowns last year, the next individual goal should be his first 1,000-yard receiving season.
Benford, a former sixth-round pick, needs to show that he can be a legitimate, shutdown cornerback. The proof of that will be if the Bills decide to move him around the defense by following the opposing team’s No. 1 receiver.
Rousseau needs to reach double digits in sacks for the first time in his career. That’s not the only way to judge edge rushers, but right or wrong, it’s how edge rushers are judged. He’s being paid now to be a player opposing offensive coordinators have to game plan against. If nothing else, he has to be more of a factor than he was in the AFC championship game against the Chiefs.
As for Cook, Beane said Wednesday he believes the running back is a three-down player. Cook played less than 50% of the offensive snaps last season, but it’s not like he was asking out of the lineup. The Bills felt that was the best way to keep him fresh and explosive, while giving opposing defenses as many looks as possible.
The next step for Cook is to refine the areas of his game that will allow him to be used on all three downs.
“We’re excited with where he’s at,” Beane said. “He’s still a young talent. As we’ve said here, (we) don’t think he’s been overtaxed or a guy, like, ‘Man, the tread on his tires is getting worn’ by any means.”
With the exception of Allen, all of the extensions given out by Beane this offseason are for four years and run through the 2029 season. Bernard is entering his age-26 season, as is Cook. Rousseau, Benford and Shakir are entering their age-25 season.
Beane is exactly right: They make up a large part of the core of the Bills, both today and for the foreseeable future.
“They’ve done some really nice things at their positions,” the GM said. “I don’t think any of these players that we extended have hit their ceiling. I don’t think they’re on the backside of their career.”
All that’s left is for those players to reward the franchise – and it’s fan base – with that elusive first championship.