Chubb and Miami agreed to a five-year, $110 million contract extension on Thursday, NFL Network Insider Tom Pelissero reported. The Dolphins later announced the signing.
Chubb's new deal includes $63.2 million in guaranteed money and a maximum value of $111.25 million with incentives, per Pelissero. With Chubb's remaining rookie salary included, the value creeps toward the $120 million mark, landing at just under $119 million through 2027.
At face value, the Dolphins are certainly reaching deep in their pockets to keep Chubb, a player who has broken double-digit sacks just once in his career. The extension places Chubb among the top six edge rushers in average annual salary ($22 million per year), landing slightly ahead of former Broncos teammate Von Miller. Chubb's guaranteed money total is the fifth-highest at the position, per Over The Cap, while his deal is competitive with most everyone not named T.J. Watt, Joey Bosa or Myles Garrett.
Often, these deals matter as much about leverage as they do performance, and after Miami sent a package to Denver that included a 2023 first-round pick, Chubb's representation certainly had the leverage necessary to command a high salary.
The numbers are a bit of a surprise based on production, but one cannot summarize Chubb's career to this point without mentioning his repeated health misfortune. Since he piled up 12 sacks in his rookie season of 2018, the former fifth-overall selection hasn't played a full season, twice appearing in fewer than eight games (four in 2019, seven in 2021).
When he's been healthy, Chubb has been an effective defender for a Broncos team that has struggled to reimagine itself since winning Super Bowl 50. With 5.5 quarterback takedowns in 2022, Chubb is on pace to flirt with his rookie sack total of 12, and he's joining a team that also features an underrated edge-rusher in Emmanuel Ogbah, who has quietly proven to be a consistently effective contributor since joining the Dolphins in 2020. Comparatively, Ogbah's numbers are down this season after recording nine sacks in consecutive campaigns, but he should benefit from the addition of Chubb.
Miami knew it needed a difference-making edge rusher who could apply consistent pressure to opposing quarterbacks and take some of the stress off its talented, but overburdened secondary. The Dolphins' defensive statistical rankings are well below expectation in 2022, standing at 23rd in total defense and 26th against the pass while tying for 23rd in sacks and 27th in turnovers.
Simply, Miami needs to be better on that side of the ball, and it starts with getting after the passer organically. The Dolphins believe Chubb is their man to do the job, and paid him accordingly.