Chad Kelly becomes first $1 million player in CFL salary cap era

Photo: Guang Quan/3DownNation. All rights reserved.

Chad Kelly has reset the Canadian Football League quarterback market via his five-year contract extension with the Toronto Argonauts.

Per sources, the deal is worth $5,555,250 in hard money with a maximum possible value checking in at $5,805,250. The agreement was negotiated by Saskatoon-based agent Chris Lambiris as his client becomes the first $1 million player in the CFL’s salary cap era.

In 2027, Kelly can earn $1,041,050 in hard money. That includes a $750,000 signing bonus, $200,000 in marketing, $75,000 in base salary, and a $16,050 housing allowance. He can also earn up to $50,000 in performance bonuses if he reaches statistical benchmarks in passing yards and total touchdowns.

The hard money rises in each subsequent year, while the performance bonuses remain the same.

In 2028, the deal is worth $1,076,050 in hard money. That includes $505,000 in base salary, a $300,000 roster bonus on January 1, $200,000 in marketing, a $25,000 report-and-pass bonus, a $20,000 training allowance, and a $10,000 travel allowance.

In 2029, the deal is worth $1,111,050 in hard money. Financial terms remain the same, except the base salary, which grows to $540,000.

In 2030, the deal is worth $1,146,050 in hard money. Again, financial terms remain the same, though the base salary grows to $575,000.

Finally, in 2031, the deal is worth $1,181,050 in hard money, as the salary rises to $610,000 with the other financial terms remaining the same. Half the salary — $305,000 — is guaranteed.

The 32-year-old was slated to become a CFL free agent in the offseason. He completed 70.9 percent of his passes for 5,067 yards, 33 touchdowns, and 24 interceptions over 16 starts with the Argonauts during the 2026 regular season, posting a 9-7 record.

The league’s highest-paid quarterback in 2026 was Nathan Rourke, who earned $684,700 with the B.C. Lions. Kelly was second at $625,000 stemming from his three-year contract which was signed in August 2023.

It is expected the CFL’s salary cap will rise significantly in future years following a new media rights deal which comes into effect in 2027. The current cap is just shy of $6.3 million, which is up 47.8 percent since 2010 and 19.6 percent since 2019.