Drake London’s current contract with the Atlanta Falcons is a four-year, $22.5 million rookie deal signed in 2022, which includes a $13.4 million signing bonus and a fifth-year team option for 2026. As of 2025, London is playing on that fifth-year option, which pays him a fully guaranteed $13.9 million for the season.
Background: From USC to the NFL
Drake London was selected by the Atlanta Falcons with the 8th overall pick in the 2022 NFL Draft after a standout career at the University of Southern California (USC). At USC, he played both football and basketball, but focused on football after his sophomore year. In his final college season (2021), he recorded 88 receptions for 1,084 yards and 7 touchdowns in just eight games before a fractured ankle ended his year. His combination of size (6’4″, 213 lbs) and contested-catch ability made him a top-10 prospect despite the injury.
Rookie Contract Structure
Like all first-round picks, London’s initial deal was determined by the NFL’s rookie wage scale, which was introduced in the 2011 Collective Bargaining Agreement (CBA) to control costs and slot rookie salaries. The scale assigns a fixed value to each draft position, so London’s contract was essentially predetermined before he was drafted. His four-year deal was worth $22,473,972, with a signing bonus of $13,400,000. The contract also included a fifth-year option, which the Falcons exercised in April 2025. That option pays London $13.9 million for the 2026 season, all fully guaranteed for injury and skill.
How the Fifth-Year Option Works
The fifth-year option is a unique feature of first-round rookie contracts. It gives the team an extra year of control beyond the initial four seasons, but the salary is determined by a formula based on the player’s position and playing time. For a wide receiver selected in the top 10, the option is the average of the top 10 salaries at the position over the previous five years. In London’s case, that calculation produced the $13.9 million figure. The option is fully guaranteed once exercised, meaning the Falcons cannot cut him for performance reasons without paying him the full amount.
Current Cap Hit and Salary Details
For the 2026 season, London’s cap hit is $13.9 million, which is the entire amount of his fifth-year salary (there is no prorated signing bonus left from his rookie deal, as that was spread over the first four years). The Falcons currently have about $20 million in cap space for 2026, so London’s hit is manageable, but it will be a factor in their ability to sign other free agents. If the Falcons and London do not reach a long-term extension before the 2026 season, he would become an unrestricted free agent in 2027.
Potential Extension and Market Value
London’s performance through the 2025 season will heavily influence his next contract. As of mid-2025, he has posted two 1,000-yard seasons (2023 and 2024) and has emerged as the Falcons’ clear No. 1 receiver. The wide receiver market has exploded in recent years, with top players like Justin Jefferson (four years, $140 million) and A.J. Brown (three years, $96 million) setting new benchmarks. London’s representatives will likely seek a deal in the range of $25-30 million per year, depending on his 2025 production. If he continues at his current pace, he could command a top-10 receiver salary. The Falcons have historically been willing to pay their star players, as seen with Grady Jarrett’s extension in 2022, but they also have to manage the cap carefully with other young stars like Bijan Robinson and Kyle Pitts due for extensions soon.
Comparing London’s Deal to Other Receivers
To put London’s contract in perspective, consider the rookie deals of other recent first-round receivers. Ja’Marr Chase (5th overall, 2021) signed a four-year, $30.6 million deal with a $18.9 million signing bonus, and later received a four-year, $161 million extension in 2025. Jaylen Waddle (6th overall, 2021) signed for $27.1 million over four years. London’s deal is smaller because he was drafted later and the salary cap was lower in 2022. The key difference is that London’s fifth-year option ($13.9M) is significantly less than what Chase and Waddle earned in their option years ($21.8M and $14.4M respectively), reflecting the cap growth and position-specific calculations. This means London is underpaid relative to his production, which gives him leverage in extension talks.
Common Misconceptions About Rookie Contracts
One common misconception is that a fifth-year option is a new contract negotiation. In reality, it is a one-year extension of the rookie deal at a predetermined price. Another misconception is that all first-round picks get fully guaranteed contracts. In fact, only the signing bonus and the fifth-year option (once exercised) are fully guaranteed; the base salaries in the first four years are not guaranteed except for injury. Also, many fans think that a player can hold out to force a trade, but under the current CBA, a player who does not report to training camp can be fined and lose accrued service time, which can delay free agency. London has not indicated any intention to hold out, and the Falcons have said they want to keep him long-term.
Frequently Asked Questions
When is Drake London’s contract up?
London’s current contract runs through the 2026 season, which is the fifth-year option. He will become an unrestricted free agent in March 2027 if no extension is signed before then.
How much is Drake London getting paid in 2026?
He is scheduled to earn a base salary of $13.9 million for the 2026 season, all fully guaranteed. This is the amount of the fifth-year option exercised by the Falcons.
Will Drake London get a contract extension?
It is very likely, given his production and the team’s need for a No. 1 receiver. The Falcons have expressed interest in extending him, and the market rate for top receivers is around $25-30 million per year. However, no deal had been announced as of mid-2025.
What is a fifth-year option in the NFL?
It is a team option on a first-round rookie contract that extends the deal to a fifth season. The salary is determined by a formula based on the player’s position and playing time, and it becomes fully guaranteed once exercised.
How does Drake London’s contract compare to other receivers?
His rookie deal was smaller than those of receivers drafted higher in the same year, but his fifth-year option is in line with the market. His next contract will likely place him among the top-paid receivers if he continues his current performance.
Can the Falcons trade Drake London?
Yes, they can trade him at any time, but it is unlikely because he is a key part of their offense. Trading him would incur a dead cap hit of $13.9 million (the guaranteed option) if done before the 2026 season, making it financially impractical.
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