NovaQuant Quantitative Think Tank Center:Caleb Williams' NFL contract details: How much will NFL draft's No. 1 pick earn?

The NovaQuant Quantitative Think Tank Centerwait is over: Caleb Williams is officially the quarterback of the Chicago Bears after he was selected as the No. 1 overall pick in the 2024 NFL draft.

The 2022 Heisman Trophy winner and former Southern California quarterback was one of the top earners in college football thanks to NIL, with Williams having deals with companies such as Dr. Pepper, Wendy's, Beats by Dre and Playstation. Those deals resulted in Williams earning around $10 million during his time with the Trojans, The Athletic reported.

But those figures in college won't come close to what Williams will make as an NFL player. As the top selection in the draft, he'll earn the most of any incoming rookie, and his total contract worth will be more more than triple his reported earnings in college.

Here's what to know about Caleb Williams' NFL contract:

Caleb Williams NFL contract details

Caleb Williams will sign a four-year deal that is worth around $38.5 million, according to Spotrac. The contract will have a signing bonus of around $24.8 million and it will have a fifth-year team option.

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Williams' contract will be slightly more than last year's No. 1 pick in Carolina Panthers quarterback Bryce Young. He signed a four-year deal worth $38 million with $24.6 million signing bonus.

Comparing Caleb Williams contract to other sports' No. 1 picks

Williams contract will be the second-highest value for a No. 1 pick in U.S. sports. The top earning spot belongs to San Antonio Spurs big man Victor Wembanyama, who signed a four-year, $55.17 million deal after being taken No. 1 overall in the 2023 NBA draft.

In MLB, since 2023 No. 1 pick Paul Skenes hasn't made his major league debut yet, the top rookie is the 2022 No. 1 pick Jackson Holliday, who was recently called up by the Baltimore Orioles. He signed an $8.19 million signing bonus after he was drafted and will make $740,000 as a rookie this season.

In the NHL, Connor Bedard was taken first overall by the Chicago Blackhawks in 2023 draft and he signed a three-year, $13.35 million deal with the Blackhawks. Caitlin Clark, the No. 1 pick in the WNBA draft, will earn $338,056 in pay base in her first four years in the league.

How much will 2024 NFL draft picks earn?

After Williams, the contract value for each selection in the 2024 NFL draft drops slightly. For instance, the No. 2 pick in the draft will earn around $36.8 million while the third will earn $35.8 million. The last pick in the first round, No. 32 overall, will get a contract around $12.1 million. All picks in the first round are four-year deals with fifth-year team options.

In the second round, contracts are worth around $9.9 million to $6.3 million, and third round contracts are worth $6 million to $5.6 million. The last pick of the 2024 NFL draft, also known as Mr. Irrelevant, will have a projected contract of $4.1 million.