Michael Penix Jr. salary: How much will QB make with Falcons?

In an alternate universe, Michael Penix Jr. could have been in the running for a top 3 pick in the 2024 NFL Draft. With his arm, production and proven leadership, the Washington quarterback is a huge talent. His injury red flags weighed him down and he wasn't expected to go in the first half of the first round.

But the Atlanta Falcons only cared about the green flags, not the red ones. They stunned the NFL by taking Penix with the No. 8 pick in the draft. Is it a steal? Is it a reach?

As Tom Brady proved on a grand scale and Brock Purdy is reinforcing these days, where you're picked isn't as important as what you do when you are picked.

Having said all that, Penix isn't exactly like Brady or Purdy. He's still going to collect a lucrative rookie contract. Let's look at what's coming to him.

Michael Penix Jr. salary with Falcons as No. 8 pick in 2024 NFL Draft

The No. 8 pick in the 2024 NFL Draft is projected to receive a four-year contract worth $22.8 million with a signing bonus of $13.4 million. The Falcons will have to option to pick up a fifth year if they so choose.

The difference between the No. 1 and No. 3 picks isn't enormous but the money down at No. 8 is a steep drop from the other quarterbacks taken before Penix. Drake Maye is getting a $36-million contract with a signing bonus of $23.4 million, which is greater than Penix's whole contract.

Still, when you're a quarterback, the goal is to cash in on the second contract by proving you can play. Penix will have that chance with, hopefully, less pressure on him. He'll be expected to sit and learn from Kirk Cousins before being thrown into the fire.