Cody Fajardo takes over $200,000 pay cut on restructured contract with Edmonton Elks

Photo courtesy: Scott Grant/CFLPhotoArchive.com

Veteran quarterback Cody Fajardo was scheduled to earn $482,000 in hard money with the Alouettes for the 2025 season, but that changed after Davis Alexander emerged as Montreal’s new franchise QB, and the 2023 Grey Cup MVP was traded to the Edmonton Elks.

General manager Ed Hervey negotiated a restructured contract with the 32-year-old, who is expected to fill a depth role behind Canadian starter Tre Ford. Fajardo is slated to earn $180,000 in hard money, per sources, with $68,000 available in playtime incentives, plus an additional $14,000 in statistical, all-star, and award bonuses. The maximum total value is $262,000.

Fajardo can collect $3,500 each time he plays more than 51 percent of Edmonton’s offensive snaps in a game, which adds up to $63,000 over 18 regular-season games. He could receive an additional $2,500 if he plays 51 percent of Edmonton’s offensive snaps in 10 games and another $2,500 if he does so for 15 games.

The nine-year veteran can pocket $2,500 if he leads the Elks in touchdown passes, $2,500 if he leads the team in passing yards, $1,500 if he leads the West Division in touchdown passes, and $1,500 if he leads the league in touchdown passes. He could earn $1,000 for being named All-West Division, $2,000 for an All-CFL selection, and $3,000 for winning the league’s Most Outstanding Player award.

Ideally for Edmonton, Ford takes every meaningful snap for the Elks in 2025. The 26-year-old received a $100,000 signing bonus as part of his 2025 compensation, which maxes out at $367,000 if all bonuses and incentives are hit.

Either way, Fajardo provides a proven insurance policy behind Ford at a reasonable price.