The Atlanta Falcons’ reported signing of quarterback Michael Penix Jr. on Friday means the Chicago Bears now have two of the remaining five unsigned players from the first round of the 2024 NFL Draft.
Penix’s signing, as reported by NFL Network’s Ian Rapoport, might facilitate one of the Bears’ signings. Penix was drafted eighth by the Falcons, just before the Bears selected wide receiver Rome Odunze. The player picked after Odunze, Minnesota’s J.J. McCarthy, is also unsigned.
In addition to the Bears’ top pick, Caleb Williams, the Vikings’ edge rusher Dallas Turner and Cincinnati’s tackle Amarius Mims have yet to sign. Williams was the 17th overall pick, and Mims the 18th.
According to NFL Network, Penix’s contract is valued at $22.8 million. Spotrac.com estimates Odunze’s contract, as the ninth pick, to be $22.7 million guaranteed, with a $13.3 million signing bonus. This amount does not include the fifth-year option for 2028.
Securing the signings of Williams and Odunze is more challenging this year because the Bears’ training camp starts earlier, with rookies reporting on July 16, veterans on July 19, and practices beginning on July 20. This is due to the Bears’ participation in the Hall of Fame Game.
Spotrac.com reported that Williams’ contract would be worth $39.4 million, with a $25.5 million signing bonus plus a fifth-year option.
Last year, the Bears had their first-round pick, right tackle Darnell Wright, signed by May 15. The first overall pick last year, Bryce Young, didn’t sign until July 22.
Williams won’t be short on funds, having reportedly earned $10 million in endorsement deals while at USC. He is also a partner in the 888 Midas investment firm.
“To avoid potential distractions, it was important to me to establish a business operation with trusted partners and advisors I’ve known for years to strategically pursue global ventures,” Williams said in a statement from the company. “This partnership allows me to focus entirely on learning professional football and bringing the Lombardi Trophy back to Chicago. I’m thrilled to have 888 Midas working for me and look forward to its growth as an investment and advisory entity.”
