Caleb Williams contract, explained: Bears rookie QB officially signs deal ahead of training camp

It's been quite some time since Bears fans have been this excited for an NFL season.

Chicago landed the top prospect out of college this past spring, taking USC QB Caleb Williams with the first overall pick in the 2024 NFL Draft. The 2022 Heisman winner was regarded as the consensus top pick out of the draft class for quite some time and is seen as a franchise-altering player at the most important position on the gridiron.

Players will begin to report to training camp this week, as each club gets ramped up ahead of the official start of the 2024 season this fall. Before the action could begin, there was one more piece of business that Williams and the Bears had to iron out — his contract.

While the No. 1 pick entered this week without a contract, the deal has since been figured out, and he is an official rostered member of the Chicago organization.

Here is more to know about his contract and why Williams did not initially have a deal signed with the Bears.

MORE: Bears chosen as team for 2024 'Hard Knocks'

Caleb Williams contract

Rookies reported to Bears training camp on Tuesday, and Williams signed his four-year rookie deal. It comes with $39.49 million in guaranteed money with a $25.5 million signing bonus.

It carries an AAV of about $9.8 million per season and has a fifth-year team option.

When it comes to rookie contracts, the majority of the deal is already set in stone, due to the NFL's slot system for contracts. However, there are a handful of negotiating points, which include the payment schedule for bonuses and potential offsets. That is what pushed off Williams' signing the deal.

Williams also requested a clause that would prevent the Bears from using their franchise tag on him at the end of the contract, according to Pro Football Talk . Chicago declined the request.

"You start getting to the end of the break and you're training and you're ready to go," Williams said before the signing. "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)."

MORE: What rookies will start at QB for their teams in 2024?

In addition to Williams, Bears rookie WR Rome Odunze also inked his rookie deal on Tuesday. The No. 9 overall pick in 2024 signed a four-year, $22.7 million contract with a fifth-year option. The Washington product's deal also comes with a $13.3 million signing bonus.

Caleb Williams agent

Part of the reason for the delay in signing a contract was that Williams does not currently have an NHLPA-certified agent for Williams.

Since he does not have any agent representing him in talks with the team, Williams technically had to be the one to negotiate the salary. Despite the QB previously saying he's not handling the contract, per the NFLPA regulations, lawyers and attorneys are not permitted to discuss contracts with NFL clubs.