Caleb Williams salary: How much will QB make with Bears?

The No. 1 pick in the 2024 NFL Draft was a surprise to no one. It had been clear for a long, long time. The Chicago Bears selected Caleb Williams on Thursday, officially making him their quarterback of the future.

Williams starred at Oklahoma and then USC after following head coach Lincoln Riley to Los Angeles. His decision to transfer paid off as he won the Heisman Trophy in 2022. Even as a sophomore, it was clear he was No. 1 pick material.

Thanks to NIL in college football, Williams has been making millions this whole time, but now he has his first NFL contract to look forward to.

How much are the Bears going to be paying Williams for his services?

Calab Williams salary with Bears as No. 1 pick in 2024 NFL Draft

The No. 1 pick in the 2024 NFL Draft is projected to receive a four-year contract worth $38.5 million with a signing bonus of $24.8 million, according to Spotrac. The average annual value of that deal is $9.6 million. As with all first-round contracts, the deal has a fifth-year option for the Bears to activate if they so choose.

Last year at No. 1, Bryce Young took home a four-year deal worth $37.9 million with a signing bonus of $24.6 million upon being drafted by the Carolina Panthers.

It pays to go No. 1 but nowhere near as much as it used to before the NFL instituted a rookie pay scale. Sam Bradford famously got a six-year, $78 million rookie deal in 2010. Shortly after the league put a stop to ballooning rookie contracts. Williams can still supplement his income with sponsorship deals, which he's sure to pile up.

The Bears now have what they hope is a franchise quarterback locked in for the next four years with an AAV lower than what the Vikings are paying Sam Darnold to be their stopgap.