Undervalued. It’s a word that has followed Baker Mayfield for far too long. Long before he became the heartbeat of the Tampa Bay Buccaneers, that feeling took root in Cleveland, where his place in the franchise began to fade with the arrival of Deshaun Watson. Even as the numbers spoke with conviction, recognition remained strangely… distant.

In 51 games with the Buccaneers, Baker Mayfield threw for 12,237 yards, found the end zone 95 times, and was intercepted 37 times, all while completing more than 66% of his passes. Sure, it wasn’t his best season, but he had become a franchise quarterback. And so, earlier this offseason, the player drew a boundary. He made it clear that if a new deal wasn’t finalized before training camp, he would pause negotiations and shift his full attention to preparing for the 2026 season. Now, with training camp in full swing, he has honored that promise, choosing preparation over paperwork. But truth be told, it is hard not to feel the sting of entering another season without the security of a new deal. 

“I really know what I’ve brought to this franchise leadership-wise and even play-wise,” Mayfield said at training camp. “It’s been some of the best years of my career, and I think it’s only gonna trend upwards. Just being comfortable and feeling that, so, disappointing in that regard. To feel disrespected a little bit, and that’s really the disappointing part, to feel undervalued after thinking you’ve earned it.”

Mayfield signed a three-year, $100 million contract ahead of the 2024 season and is now entering the final year of his existing deal. But it won’t be wrong to say that the quarterback has outplayed his $33 million annual average deal. While there’s no denying that he failed to lead the Buccaneers to the playoffs last season despite a solid start, Mayfield has proved that he’s a franchise quarterback in Tampa Bay.

Plus, one shouldn’t forget that he previously took the team to the playoffs twice. Back in 2023, the NFC Divisional Round is the furthest they could reach. That said, many believe that with Mayfield under center, the team can eventually win an NFL Championship or even a Super Bowl. 

Also, in the past three seasons, Mayfield has led the Buccaneers to a 27-24 record in the regular season. However, the contract talks in Tampa Bay haven’t progressed yet. In fact, ESPN’s Jeremy Fowler reported that Mayfield “knows he can be franchise tagged next year, which would at least be around $47 million in 2027. So he’s all good there.”

At the same time, Fowler’s report surfaced after the contract negotiations had reportedly fallen apart.

Per reports, Baker Mayfield and his agent have not made any significant progress on a new contract for the quarterback. While there’s no denying that Mayfield is only focusing on football and has shut down the negotiations, he is still disappointed with the franchise.

“I think I’m a franchise quarterback,” Mayfield added. “I’ve been told I’m a franchise quarterback. It’s been said publicly from ownership down here. And so, to not have a deal done is very disappointing. But I said the deadline was a deadline and I addressed the team to let them know I meant that it’s all ball. I’m with these guys.”

That’s where things stand with Mayfield. He will earn $40 million in 2026, and there’s still a possibility of a franchise tag in 2027. However, considering the ownership has made it clear that Mayfield is their franchise QB, he is still expected to sign a new contract worth over $50 million annually. Whether that happens before the 2026 season, however, remains to be seen.

What are the Tampa Bay Buccaneers waiting for?

It wouldn’t be surprising if Mayfield took Brock Purdy and Patrick Mahomes’ contract values as changing quarterback-market conditions. Let us take Mahomes’ contract as an example here.

As per CBS Sports’ Joel Corry, after the Kansas City Chiefs QB renegotiated his contract, valued at $504.75 million over eight years, Mayfield could have valued his own contract at about $50 million annually. However, at $63,093,750 per year, Mahomes is the highest-paid player in the league, and unfortunately, Mayfield had a disappointing 2025 season. That doesn’t help his case. 

Also, the injury Mayfield suffered to his non-throwing left shoulder in Week 12 may have prompted the team to rethink its approach. So, does that mean there’s nothing they can do at this point?

Well, Corry believes there’s a path forward if both sides are willing to meet somewhere in the middle. If Tampa Bay and its quarterback can agree on a deal that reflects the average annual value earned by other starting quarterbacks in 2026, a resolution could still be within reach.

Corry suggested that they need to make a decision after considering the average value of 23 projected starting quarterbacks on veteran contracts. He did the math too, and the average is at $47,607,063 per year.