NFL running backs keep getting squeezed

If you think running backs are back, think again.

Yes, Saquon Barkley, Derrick Henry, and Josh Jacobs did plenty to illustrate the value of great running backs in 2024. The league nevertheless continues to devalue the position.

Case in point: The deals recently signed by Bills running back James Cook and Rams running back Kyren Williams. They were both eligible for new deals after completing their third seasons in the league. They were both due to make $5.2 million this year. And they both recently signed extensions.

Cook received $11.5 million per year in new-money average on a four-year extension. Williams received $11 million per year on a three-year extension. That puts them at seventh and eighth, respectively, among all NFL running backs.

Five years ago, Vikings running back Dalvin Cook signed a contract with a new-money APY of $12.6 million. Bengals running back Joe Mixon signed a deal with a new-money average of $12 million. And Saints running back Alvin Kamara signed a contract with a $15 million per year average. (The last year was phony; the real APY was $12.5 million.)

And so, from 2020 to 2025, the market has regressed. Even though the salary cap has increased by more than 40 percent, from $198.2 million to $279.2 million.

The biggest money for running backs goes to the players (like Barkley, Henry, and Jacobs) who have put in their time and landed on the open market, still healthy and effective enough to merit major contracts. For those who have finished only three seasons, the chance to get the biggest contracts is limited by the fourth slotted season and the franchise tag.

Still, Cook and Williams were in the same posture as Cook, Mixon, and Kamara. Three years served. One year left. And the market has undeniably regressed - even as the cap has continued to spike.