Jaguars, OLB Josh Allen reportedly agree to five-year, $150 million deal

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The Jacksonville Jaguars are retaining one of their top players for the foreseeable future.

Josh Allen and the team have agreed to a five-year, $150 million deal with $88 million guaranteed, according to multiple reports. The standout edge rusher’s $30 million average salary now ranks as the third-highest in the league among all defensive players, behind only 49ers DE Nick Bosa and Chiefs DT Chris Jones.

The deal comes a month after the Jaguars placed the franchise tag on Allen ahead of free agency, allowing Jacksonville more time to negotiate a long-term deal with minimal threat of losing him. The franchise tag for Allen was worth $24 million.

Allen has emerged as one of the game’s best pass-rushers after the Jaguars selected him with seventh overall pick in the 2019 NFL Draft. He had a career-high and franchise-record 17.5 sacks in 2023, tied for second in the league. His 32 sacks in the past three seasons are the 10th-most in the league over that stretch. He's just 10 sacks shy of the team’s career mark (55), which is held by Tony Brackens (1996-2003).

The Jaguars’ decision to keep the 26-year-old Allen is one of the many notable signings they’ve made this offseason following a disappointing 2023. They’ve added DE Arik Armstead, WR Gabe Davis, SS Darnell Savage and WR Devin Duvernay while re-signing LB Foye Oluokun and LG Ezra Cleveland. However, Jacksonville released three defensive starters — cornerback Darious Williams, safety Rayshawn Jenkins and defensive tackle Foley Fatukasi — to create $20 million in salary-cap space to sign Allen. The Jaguars also let star receiver Calvin Ridley walk in free agency. 

But the Jaguars were intent on keeping Allen. 

"I know Josh wants to be here. I know we want him here," general manager Trent Baalke said earlier this offseason. "Can we come to a number that works for everybody? That’s the key. I respect that. … You got to respect these guys that put themselves in this position. They work hard. They deserve to make good money."

Allen is only the Jaguars’ third first-round pick to sign an extension with the team since 2008, according to ESPN. Jacksonville now needs to focus on QB Trevor Lawrence, who is entering the final season of his rookie deal and is extension-eligible this offseason. The team has to make a decision on his fifth-year option in the coming weeks.

With Allen’s deal, Cincinnati Bengals wide receiver Tee Higgins and Tampa Bay Buccaneers safety Antoine Winfield are the only players remaining on the franchise tag.

The Associated Press contributed to this report.