The Los Angeles Rams should extend Puka Nacua as soon as possible, on a deal that would fit today’s receiver market but also keep all of their options open going forward and avoid a costly franchise tag in 2027. Because even in a scenario where the Rams feel Nacua no longer fits into their plans down the line, the sooner L.A. can get it done, the sooner they can absorb the cap hits and potentially still trade the All-Pro receiver in his prime.
Nacua is still vital to the success of Matthew Stafford
and the Rams right now, but an agreement today doesn’t have to cripple their options tomorrow.
Nacua’s current contract
Puka Nacua is entering the final year of his rookie contract, an extremely good bargain for L.A. given his status as a former fifth-round pick who up until now has only made $2.9 million in his three-year NFL career. Originally set to earn $1.1 million in 2026, Nacua’s status as a level-three proven performance indicator bonus (explained here at OvertheCap) bumps his pay to the level of the second-round restricted free agent tag:
$5.8 million.
That is a significant discount for a receiver of his caliber, coming off of a season in which Nacua led the NFL in yards per game and was a first-team All-Pro.
But Nacua is entering a contract year, meaning that if the Rams do not extend him before 2027 free agency, he will either become a free agent or receive either the transition tag of the franchise tag, the latter of which is far more likely.
It’s also not ideal.
Franchise tag is a bad choice
If the Rams are hesitant to sign Nacua to a long term deal for any reason, be it his asking price, his injury history, or the off-field concerns, the tag is always there as a fallback option. The Dallas Cowboys tagged George Pickens this year and after failing to come to a long-term agreement, he will play on a one-year, $27.3 million deal.
It gives the Cowboys one more season to evaluate Pickens and decide if he’s reliable. The Rams may not have the luxury to pay Nacua a tag next year, estimated to be over $31 million for a receiver.
The Rams are projected to have over $80 million in cap space for the 2027 season, according to Spotrac, but we won’t even know what the 2027 salary cap is until next year and the estimates are never right. But even $80 million is going to disappear quickly, as Les Snead must consider extensions for not only Nacua, but Byron Young, Kobie Turner, Kevin Dotson, Steve Avila, Warren McClendon, Coleman Shelton, Ethan Evans, and others.
If the GM can get players on normal contracts, absorbing them all is easier, but dedicating $31 million to a single player eats about 40 percent of the available space. And that’s too much.
The Rams should agree to something soon
Although the Rams may be hesitant to make a decision on Nacua right now, the choice only gets harder if they wait and then have to apply the franchise tag in 2027. As we’ve seen with Pickens, sometimes the team only delays the decision even longer and that could cost L.A. even more in the long run.
Delaying the decision for a year or two has a net negative value.
However, if the Rams can get Nacua to agree to a contract now, even one at the top of the market, they could guarantee his place on the team for the next two years, either both with Matthew Stafford or potentially helping in usher the Ty Simpson era in 2027, while not losing their options to trade him by 2028 if they have to. As we’ve seen with A.J. Brown, options are always there, even after an extension.
Nacua may be a risk, but agreeing to a contract structure now is the choice that gives the Rams the most options in the future.
