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The Cincinnati Bengals have opted to pick up the fifth-year option for Pro Bowl quarterback Joe Burrow, the team announced Tuesday.
NFL teams had until May 2 to decide whether they would exercise the options on rookie contracts for first-round draft picks.
Cincinnati is widely expected to sign the 2020 No. 1 overall draft selection to a long-term contract extension in the near future.
The team described Tuesday's decision as "mechanical step" in the process.
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Joe Burrow of the Cincinnati Bengals warms up before a preseason game against the Arizona Cardinals at Paycor Stadium Aug. 12, 2022, in Cincinnati. (Dylan Buell/Getty Images)
"This is a mechanical step along the way and we will continue to work with Joe and his representatives to secure his long-term future as a Bengals," the Bengals said in a statement.
Burrow won a College Football Playoff national championship in his final season at LSU. Since entering the NFL, he has helped reverse the Bengals' fortunes and has lifted the team to back-to-back AFC Championship game appearances.
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He suffered a devastating knee injury during his rookie campaign but bounced back in 2021 by helping the Bengals advance to the 2022 Super Bowl.. Prior to Burrow's arrival, Cincinnati had not won a postseason game in over 30 years.
Burrow is expected to make a fully-guaranteed $29.5 million salary for 2024, according to projections by OverTheCap.com.
Joe Burrow (9) of the Cincinnati Bengals scrambles against the New York Jets at MetLife Stadium Sept. 25, 2022 in East Rutherford, N.J. (Cooper Neill/Getty Images)
At the NFL scouting combine, Bengals director of player personnel Duke Tobin said there was not an exact timetable for completing a contract extension for Burrow.
"Obviously, sooner is better. But we're not going to rush the process. We're going to try to get the right deal for Joe and for the Cincinnati Bengals," Tobin noted.
The Bengals will also have to make important decisions on the contracts of other key players, including wide receiver Tee Higgins and linebacker Logan Wilson.
Cincinnati Bengals quarterback Joe Burrow (9) celebrates a first down with wide receiver Tee Higgins (85) during the second half of a game against the Dallas Cowboys Sept. 18, 2022, in Arlington, Texas. (AP Photo/Michael Ainsworth)
Burrow became eligible for an extension at the end of his third season in the league. Eagles quarterback Jalen Hurts, who was drafted in the second round of the 2020 draft, became the highest-paid player in the history of the NFL after he signed a five-year extension last week.
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Tua Tagovailoa, the other quarterback drafted in the first round of the 2020 draft, had his fifth-year option picked up by the Miami Dolphins.
Buccaneers offensive tackle Tristan Wirfs, Cowboys wide receiver CeeDee Lamb and Vikings receiver Justin Jefferson have also recently had their fifth-year options exercised by their respective teams.