The Bengals exercised Burrow's fifth-year option for 2024 on Tuesday, NFL Network's Ian Rapoport reports.
What it means:
The two sides remain in talks about a long-term extension, which should obviously get hammered out well before 2024. Picking up the option was merely a procedural move keeping Burrow under team control should extension talks go sideways. The No. 1 overall pick of the 2020 NFL Draft, Burrow won Comeback Player of the Year in 2021 and made his first Pro Bowl in 2022 while finishing fourth in MVP voting. Burrow has already played in seven playoff games over the last two seasons, reaching the Super Bowl back in 2021 before falling to Kansas City in the AFC title game last year. Burrow could soon be in line to become the NFL's highest-paid player.