Podcast Summary: The Herd with Colin Cowherd — 3 & Out: Jaxon Smith-Njigba’s Megadeal, Ty Simpson a First Rounder, and Kelce's New Contract (March 24, 2026)

Overview

In this episode, John Middlekauff hosts the “3 & Out” segment, diving into the biggest NFL headlines: Jaxon Smith-Njigba’s major contract extension with Seattle, the draft hype around Alabama QB Ty Simpson, and Travis Kelce's new deal with the Chiefs. The conversation includes thorough breakdowns of salary cap intricacies, contract economics, implications for Puka Nacua and the Rams, and what these moves mean for the league’s business and roster strategies. John also fields listener questions about team-building tactics, future playoff predictions, and more.

Key Topics and Insights

1. Jaxon Smith-Njigba’s Mega Contract with the Seahawks

(03:00–26:55)

• Contract Breakdown & Team Philosophy:

  • Seattle extends JSN (Jaxon Smith-Njigba) with a massive deal, featuring a $35M signing bonus.
  • Middlekauff goes in-depth on the difference between salary cap space and actual cash spending. “We just cap space, cap space, the salary cap. And [a GM] is like, John, there is a big difference between salary cap space and cash spending.” (06:53)
  • Owner budgets dictate what GMs can really spend — it’s not just about cap numbers.
  • With team up for sale, Seattle needed to lock in cornerstone talent, viewing JSN as a “cornerstone piece... an elite player,” referencing his 119 catches, 1,800 yards, and 10 TDs as transformative.

• Draft-and-Develop Model:

  • Commends John Schneider’s track record: “John Schneider has a history... of drafting really well, extending a bunch of homegrown guys and building a great team.” (05:34)
  • Extending draft picks (like Charles Cross, Devin Witherspoon, Byron Murphy) outpaces keeping all veterans due to positional expense and cash-flow.
  • “When you hit on guys in the draft... it’s even more expensive.” (11:37)
  • The team relies on continued success drafting in later rounds since the stars take up budget room.

• Contract Implications:

  • JSN’s extension impacts players like Puka Nacua (Rams), who’s now asking for a similar market-shaping deal.
  • Wide receiver market explodes, paralleling NBA/MLB salary trends.

Notable Quote:

“He’s the type of guy that you’ve got to break off. And because of the position he plays, it ain’t cheap.” (09:49)

2. Puka Nacua’s Extension Dilemma for the Rams

(23:24–26:55)

• Comparative Value and Team Decision:
  • Puka Nacua’s contract now benchmarks against JSN’s; however, Middlekauff notes concerns:
    • Off-field behavior and maturity questions.
    • “You could tell a couple times like he was a pain in Sean’s ass.” (17:01)
    • Rams’ hesitation to pay him elite money immediately signifies “they’re a little uncomfortable right now.” (19:40)

Notable Quote:

“When you want to break a guy off, especially at like historic numbers, the last thing you want them to be is a problem.” (16:57)

3. Quarterback Draft Inflation & Ty Simpson’s First-Round Hype

(24:35–37:38)

• Simpson’s Profile:

  • Middlekauff is skeptical of Ty Simpson’s projected first-round status: only a one-year starter at Alabama, average physical traits, fewer college reps compared to historically successful QBs.
  • “I have a hard time with guys with limited traits who just haven’t played that much to take high. I’ve just seen too many Mac Jones, too many Kenny Picketts.” (34:24)

• QB Inflation and Risk:

  • Increasing trend of reaching for QBs leads to poor fits and organizational instability.
  • Cites historical examples (Purdy, Cousins) of later-round QBs thriving with more college reps and less early pressure.

Notable Quote:

“When you overdraft in this quarterback inflation... The pressure on those guys to immediately compete... all of a sudden you’re like, is this guy even a starter?” (34:18)

4. Travis Kelce’s Contract Explained

(37:40–41:00)

• Contract Reality vs. Headlines:
  • Kelce’s “three-year, $50M+ deal” is essentially a one-year, big-guarantee arrangement meant to manipulate the salary cap, similar to NBA and MLB structuring.
  • Reality: multi-year deals spread bonuses for cap relief, but teams can escape after a year.

Notable Quote:

“I think the Kelsey thing is more for show than... the impact... to their books.” (39:38)

5. NFL Network’s Uncertain Future

(41:00–43:00)

• NFL Network’s independent draft coverage may end after 2026, as media consolidation and shifting consumption patterns continue.
• Foretells one-umbrella draft coverage, with Disney’s ESPN likely absorbing the brand.

6. Owen Heinecke’s NCAA Eligibility Lawsuit

(43:00–45:00)

• Oklahoma linebacker sues for a year of eligibility, arguing his lacrosse year at Ohio State doesn’t count toward football. Middlekauff is sympathetic and advocates for letting players attend the Combine and decide on the draft afterward.

7. Change of Scenery: Michael Pittman to Steelers

(45:00–47:45)

• Pittman traded from Colts to Steelers, “a perfect fit for Pittsburgh”, but the quarterback situation remains unresolved.
• The team’s strategy hinges on who will throw to their new weapon (Pittman gives Rodgers his space, situation still fluid).

Notable Quotes & Memorable Moments

• On NFL Economics:
  “There’s no like, ‘well, the salary cap this year on the ability for you to spend on podcast equipment is $98,000.’ Now, you don’t have to spend it, right? But that is the maximum amount you can spend to compete with the other podcasts. It’s not how we live, right?” (07:43)

• On Comparing Puka Nacua and JSN:
  “I don’t know if I’ve ever seen a player like [Puka]. He literally plays harder than everyone else... is that sustainable?” (18:29)

• On Quarterback Pressure:
  “If one of the shitty teams that needs a quarterback like Arizona, the Jets... Godspeed, because I would bet on you to fail.” (36:36)

• On Travis Kelce’s Contract:
  “It’s about the extension of pushing the money down. You’re just manipulating the salary cap.” (61:11)

Timestamps for Major Segments

• JSN contract and team-building philosophy: 03:00–23:24
• Puka Nacua and receiver contract implications: 23:24–26:55
• Ty Simpson and quarterback draft inflation: 24:35–37:38
• Travis Kelce’s contract mechanics: 37:40–41:00
• NFL Network and media shifts: 41:00–43:00
• Owen Heinecke NCAA eligibility: 43:00–45:00
• Michael Pittman trade/Steelers analysis: 45:00–47:45
• Mailbag, AFC playoff guesses, QB debates, Panthers future, fatherhood advice: 46:17–69:00

Listener Mailbag Highlights

(46:17–69:00)

• AFC Playoff Predictions: Buffalo, Chargers, Broncos, Texans, Bengals, with questions about the Chiefs' and Jags’ upside due to various uncertainties.

• JSN vs Puka Contracts: Puka's “meathead” factor adds risk, while JSN feels like a safer extension due to personality, team comfort.

• Panthers’ Free Agency: Overpaid Jalen Phillips, but filling key roles could trigger a Patriots-style leap if defense holds up.

• Dak vs Brock Purdy for the Niners/Cowboys: “I don’t think the 49ers would trade Brock Purdy for Dak Prescott, and I don’t think the Cowboys would trade Dak Prescott for Brock Purdy. They’re kind of in the same spot... better than the majority of guys.” (68:28)

• Fatherhood Advice: “Just think of other people, think of her... you're just trying to get [the baby] to not cry and to burp.” (62:15)

Tone and Style

John Middlekauff’s style is lively, candid, and rooted in first-hand experience as a former NFL scout. He weaves real insider info, practical analogies, and a touch of self-deprecating humor to demystify the business/salary cap intricacies for listeners. He’s unafraid to challenge conventional wisdom or highlight risks organizations face amid the sport’s ever-rising salaries.

Summary for New Listeners:
This episode is packed with clear, actionable insights for fans interested in how teams handle big contracts, the economics of roster-building, and the pitfalls of quarterback over-drafting. Memorable analogies and industry anecdotes make the episode accessible and engaging, even for those who missed the original broadcast.