An unusual reason the Rams have yet to sign their entire draft class spells doom

The Los Angeles Rams are not the sort of team that loves to create contract disputes. Even as the team had found some players willingly holding out for more money (ala All-Pro DT Aaron Donald), the front office quickly reached an agreement to meet the fiscal goals of the player and the agent alike.
offseason. That was even true when the team and veteran quarterback Matthew Stafford entered the offseason significantly apart at the bargaining table.

But all's well that ends well. The team managed to lure Stafford to return for the 2025 NFL season, signed new free agents to restock the roster. The team even drafted and quickly locked in nearly every member of the 2025 rookie draft class. Nearly.

Second-round rookie tight end Terrance Ferguson remains unsigned, the lone holdout from the team’s six-man draft haul. This isn't a Rams-only issue, however.

Ferguson's unwillingness to sign on the dotted line is the latest wave of a quiet but looming larger standoff that seems to be impacting the entire second round of the 2025 NFL Draft. And when the storm has passed, this could change how all rookie contracts are negotiated moving forward.

So why is Ferguson still without a signed contract when more than 90 percent of the 2025 rookie class has already willingly committed to terms? The real answer has less to do with the Rams and more to do with the league-wide practice of templating one contract to use for other rookies. The avalanche began with the way the one team handled its contract negotiations. Now, every agent for every rookie selected in the second round wants to follow suit.

Blame the NFL-NFLPA ratified CBA (from the past)

Let's start this part of the article by confirming that yes, the official Rams website lists one rookie as unsigned, and he is TE Terrance Ferguson. Let's also confirm that this is happening elsewhere. It is. New York Jets rookie TE Mason Taylor is unsigned as well. So what triggered this sudden call by Round 2 rookies to hard-halt the execution of their rookie contracts?

Well, we have to dial back to the 2011 NFL lockout. At the time, both the NFL and NFLPA were incensed that rookies entering the league were so effective at demanding money from NFL teams that no money remained to compensate veterans whose production truly deserved financial security. The eventual collective bargaining agreement ratified by both the NFL and NFLPA limited the amount of money available to pay those rookies.

It even went so far as to define the compensation (by formula) that could be contractually offered to rookies based on their order of selection in the draft. So, without the ability of agents to wiggle more from the amount due to their clients in contracts, they could only focus on two other variables: Guaranteed money and the timing of payments.

So, under the terms of the new CBA, all Round 2 through Round 7 rookies must sign a relatively standard four-year deal. Only Round 1 selected rookies have an escalator built in for a team-optional Year 5. Contractual compensation, typically the trickiest part of any rookie contract, now falls within a prescribed range based on the slot where a player was picked. That’s why most rookies tend to sign rather quickly, and also explains the popularity of fiscally frugal teams to trade back in the draft. Later selected players can be significantly less expensive.. There's been a hiccup this year, however.

Of the 257 players selected in the 2025 NFL Draft, 224 have already signed. Of the 33 remaining unsigned players, 30 were chosen in Round 2.

Why haven't the Rams signed Terrance Ferguson yet?

So what's the holdup? There is no pandemic to throw every standard NFL timetable out the window. Well, the Houston Texans are ultimately to blame, as the team agreed to award the 34th overall selection, Iowa State WR Jayden Higgins, a fully guaranteed contract. That practically forced the Cleveland Browns to follow suit with the 33rd overall selection, UCLA LB Carson Schwesinger.

With two rookies already getting fully guaranteed money, all Round 2 rookies want similarly structured contracts. Remember, the first contract agreed to almost always becomes the template for every other rookie signed in that year. So, why won't NFL teams simply agree to the new terms?

NFL teams are pushing back. Just like the runaway freight train of rookie contracts that shut out veterans from fair market value in 2011, 100 percent guaranteed contracts for rookies that may never start or even make the team are perilous positions for NFL teams to agree to. And if they consent to fully guarantee Round 2 rookies in 2025, will that impact Round 1 and Round 3 through 7 rookie contracts in 2026? Where does it end?

Like many compensation mechanisms, the NFL-NFLPA CBA works by allowing a portion of player compensation to fall in the shell-game category. That is, players are due phenomenal amounts of money on paper, as long as they stay healthy and are productive. But unless that money is truly guaranteed or tied to a date, teams can pull that money off the table to redirect it elsewhere.

Sounds too harsh? Imagine the utter chaos that would befall a team that is hammered with unforeseen injuries, like happened to the Rams in both 2019 and 2022? If the NFL team has no recourse, injuries to players sink that team, with no chance to find and pay new players to help salvage a season.

First shots fired

CBS Sports reporter Joel Curry has reported that rookie quarterback Tyler Shough is demanding a fully guaranteed contract from the New Orleans Saints as well, and appears to be digging in his heels to get it. Curry dives deeply into the history of NFL drafted rookies getting significant portions of their rookie contracts guaranteed, but he also makes a point to share that many other players and agents are awaiting Shough's contract dispute to be resolved before pushing for their own similarly written contracts.

But others are making a stand of their own. Former Mississippi rookie wide receiver prospect Tre Harris is holding out from training camp. Harris was selected with the 55th overall pick in Round 2 of the 2025 NFL Draft. There were only nine players selected after Harris in Round 2 of the 2025 NFL Draft.

Will Oregon rookie tight end prospect Terrance Ferguson get swept up in this compensation conundrum? If he does, that could have a huge impact on how much playing time he sees in the 2025 NFL season, or even if he sees any playing time.

The Rams' offense is designed to place every level, button, dial, and switch at the quarterback's fingertips. Because of that, rookies who want to make an impact cannot miss out for any length of time. So if Terrance Ferguson becomes one of the rookies who hold out to make a statement, the Rams will simply make do with veteran tight ends Tyler Higbee, Colby Parkinson, and Davis Allen.

And Ferguson will find it impossible to catch up.

Even as the Rams understand that some money matters can be quite important to players, they also have never hesitated to be painfully upfront. They have a fixed amount of money that the team is willing to put at risk for a player. If that does not suit, there's the door. And let's be crystal clear, if the team was willing to allow veteran QB Matthew Stafford to sign elsewhere over a contractual dispute, you can bet that the team is prepared to do the same if it comes to that with rookie tight end Terrance Ferguson.

As always, thanks for reading.

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