Michael Penix, Jr. rookie contract figures with the Atlanta Falcons revealed after the draft

Washington quarterback Michael Penix, Jr. had his dreams come true on Thursday night, as he was selected by the Atlanta Falcons with the No. 8 overall selection in the first round of the 2024 NFL Draft. Shortly after being selected, his contract numbers were released.

According to Spotrac, his contract is worth four years, $22.8 million. He will get a $13.4 million signing bonus. All of the money is fully guaranteed. And they also get a fifth-year option in the contract for 2028.

He spent his first four seasons with the Indiana Hoosiers, before hitting the transfer portal and joining the Washington Huskies for his final two years.

During his final two seasons with the Huskies, Penix became the first quarterback to throw for over 4,500 yards in back-to-back seasons since Patrick Mahomes did it at Texas Tech. He firmly cemented his status as one of the best quarterbacks in college football history, guiding the Huskies to a berth in the 2024 College Football Playoff National Championship. He also finished second in the voting for the Heisman Trophy, with LSU QB Jayden Daniels bringing home the honor.

The second-place finish was the highest in school history for a player from the Washington program. In 2023, Penix carved up opposing secondaries to the tune of 4,903 passing yards, the second most in Pac-12 history. It was also the second straight season that Penix led the nation in passing yards. Penix also brought home Walter Camp first team All-American honors in 2023.

He put up one of the all-time great performances in College Football Playoff history against the Texas Longhorns in the 2024 CFP Semifinal (Sugar Bowl). Penix earned MVP honors in the Sugar Bowl after he completed 28 of his 38 passes for 430 yards and two touchdowns, lifting the Huskies to a 37-31 victory.

In 2022, Penix threw for 4,641 passing yards, ranking second in the country in that stat. That impressive season helped him earn AP Comeback Player of the Year honors.

During his four seasons with the Indiana Hoosiers, he completed 342 of 576 passes for 4,197 yards and 29 touchdowns, while throwing 15 interceptions. Penix had an extensive list of injuries during his time with the Hoosiers. In 2018, he appeared in three games as a true freshman before suffering a season-ending ACL tear in October. In 2019, the Florida native dislocated the joint in his non-throwing shoulder (right) in November of 2019. That ended his season prematurely.

Coming out of Tampa Bay Tech (Tampa, Florida), Penix was ranked as the No. 586 overall player in America and a three-star prospect. He was also rated as the No. 43 quarterback recruit in the country. During his time as a starter, he threw for 4,197 yards, 29 touchdowns, and 15 interceptions. Penix also played baseball and ran track during his high school days.

What NFL Draft analysts are saying about Michael Penix, Jr.

NFL.com analyst Lance Zierlein broke down some of the former Washington star’s pros and cons in his analysis.

“Penix will be a 24-year-old rookie with a history of season-ending injuries at Indiana and impressive production while at Washington. The Huskies’ offensive design helped declutter coverages for Penix, allowing him to throw a higher number of intermediate and deep passes. He plays with smart pocket mobility and a willingness to get rid of the football, which makes it difficult to sack him,” Zierlein wrote in his scouting report.

“His delivery is bundled and his release point is very low, but his monster game against Texas showed flashes of impeccable touch. Penix has plenty of arm but needs to work with more consistent timing between the numbers to eliminate unnecessary contested throws. He’s a pocket passer who was ineffective in 2023 when defenses were able to crank up the heat and make him move his feet. Playing in a shotgun-based spread attack might give him his best chance to succeed, but he needs to prove he can thrive outside of the Washington offense and stay free from injury,” Zierlein finished.