Caleb Williams signs reported 4-year, $39M fully guaranteed contract with the Bears

Chicago Bears rookies reported to Halas Hall on Tuesday for the start of training camp, but a couple of them did a bit more than just report. Caleb Williams, quarterback and No. 1 overall pick in the 2024 NFL Draft, has signed his rookie deal with the Bears.

The contract is reportedly worth a fully guaranteed $39 million total over four years, and includes a $25.5 million signing bonus as well as a fifth-year team option.

There was reportedly some haggling over the franchise tag in the negotiations. ProFootballTalk's Mike Florio told 670 The Score that Williams and his team asked the Bears to "agree not to use the franchise tag on Caleb Williams after he would finish the fifth year of his contract, assuming they would pick up the option. But that did not go anywhere."

Williams, 22, was the projected No. 1 pick coming into this draft, and given the Bears' recent quarterback issues (Mitch Trubisky, Andy Dalton, Justin Fields), they were expected to draft him. The Bears did not disappoint (a rare feeling for their fans), taking Williams first overall following a great season at USC.

The start of training camp (in this case July 16) isn't particularly late for the Bears to still be signing their draftees, even a highly drafted quarterback like Williams. Baker Mayfield signed his rookie deal with the Cleveland Browns on July 24, 2018. Joe Burrow signed his deal with the Cincinnati Bengals on July 28, 2020. And Cam Newton, way back in 2011, signed his rookie deal with the Carolina Panthers on July 29.

But rookie report day is a great time to get deals done, with all the new players flooding in for their first taste of NFL life. Earlier on Tuesday, the Bears also locked down their No. 9 pick, wide receiver Rome Odunze. He agreed to a four-year, $22.7 million contract, which left Williams as the final Bears draft pick to not yet have a rookie deal.

Just a few hours later, before tongues could start wagging too much, the Bears and Williams finally agreed to terms. Now the entire rookie class is under contract, and the Bears can get down to the business at hand: actual football.