In professional sports, salaries keep going up and up each and every year. Whether it’s in the NBA, MLB, NHL or NFL, professional teams are making their athletes richer than ever before. Jimmy Garoppolo is now the newest recipient to join this club thanks to his most recent contract. Jimmy had been a long time backup to future hall of famer Tom Brady, but during the 2017 NFL season, he got traded to the San Francisco 49ers. Once being traded to San Francisco, Jimmy helped lead the team to five straight victories to finish the season. The momentum the team finished the season with was enough for them to extend him the highest valued contract in NFL history to its point. Jimmy Garoppolo’s net worth currently sits at $1.5 million.
To say Jimmy’s new contract is massive is an understatement. The contract is valued at $137.5 million over five years. This comes out to an average annual salary of $27.5 million per season. So if Jimmy just signed this large contract, why is his net worth just north of $1 million? That is because he has been living off his initial contract he signed when he got drafted in the second round by the New England Patriots. Jimmy’s first contract was for $3.5 million over four years. However, just after one full season with the 49ers, we can expect Jimmy Garoppolo’s net worth to jump to a staggering $15 million. This is because his new contract includes a $35 million signing bonus that he will receive once his contract takes effect.
Garoppolo played in six games for the 49ers during the past season. Although his numbers weren’t impressive statistically, the winning nature he brought to the organization is what ultimately scored him his big deal. He threw for seven touchdowns and five interceptions over the stretch, but led the team to three wins over playoff contenders. It was clear that Jimmy was ready for his time to shine. He spent the first nearly four years of his NFL career playing in a backup quarterback role for the New England Patriots. The most action he saw during any season came in 2016 when he filled in while Tom Brady was serving his suspension. Drafted 62nd overall in the 2014 NFL draft, many believed that Jimmy was destined to be Brady’s replacement when he retired; however, that time never came.
The way Jimmy’s current contract is structured gives San Francisco the option to cut ties with the up and coming QB after three seasons if things don’t pan out. Garoppolo’s contract has over $74 million dollars of guaranteed money. If he is able to complete all five years on his contract, we can expect Jimmy Garoppolo’s net worth to increase to nearly $50 million. With so much money, one has to wonder, will Jimmy be budgeting the way he used to?
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James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.