The Chicago Bears have cash to burn heading into 2024, and the franchise spent a portion of it to solidify the special teams unit for years to come.

Chicago has signed placekicker Cairo Santos to a new contract extension, according to a report from ESPN’s Adam Schefter on Saturday, December 23.

“A kicker Christmas present: Bears are signing veteran kicker Cairo Santos to a four-year, $16 million extension that includes $9.5 million guaranteed, per source,” Schefter wrote on X. “It ties him to Chicago through the 2027 season.”

The Bears later confirmed the news.

Santos is playing in his 10th NFL campaign, including the last four years in Chicago. He has connected on 27-of-29 field goal attempts this season with a long of 55 yards. Santos has also made 24-0f-26 extra point tries, per Pro Football Reference.

A kicker Christmas present: Bears are signing veteran kicker Cairo Santos to a four-year, $16 million extension that includes $9.5 million guaranteed, per source. It ties him to Chicago through the 2027 season. pic.twitter.com/dKVrsVXAdB

— Adam Schefter (@AdamSchefter) December 23, 2023

For his career, Santos owns an 85.5% success rate on 248 field goal attempts and has connected on 94.8% of his 290 extra point tries.

Cairo Santos Faced Uncertain Future With Bears After 2022

Cairo Santos, Bears
GettyKicker Cairo Santos of the Chicago Bears kicks a field goal during the fourth quarter of an NFL game against the Tampa Bay Buccaneers in October 2020.

The new deal for Santos represents a nearly 180-degree turn from where the kicker was at the end of last year in terms of his standing with the Bears franchise and its fans.

Santos was a strong salary cap casualty candidate following the 2022 campaign after he missed five extra-point tries last season.

“Cairo Santos missed five extra points and two field goals in 2022, earning him a 48.5 kicking grade that ranked dead last among 34 kickers with at least 10 attempts,” Brad Spielberger of Pro Football Focus wrote in February.

“Furthermore, while Santos has been quite accurate and consistent as a Bear, his range at this point is effectively 53 or so yards, with a handful of kickers across the NFL hitting from 10 yards beyond that. The Bears might as well get a jump start on looking into long-term, younger solutions at kicker for 2023.”

Despite missing 2 extra points through 14 games this season, Santos has effectively flipped the script on the career-in-decline narrative that had him potentially on his way out of Chicago, and possibly even into unemployment this spring.

Instead, Santos is now the 13th highest-paid kicker in the NFL based on annual average salary, per Over The Cap.

Cairo Santos Likely Part of Bears’ Now-Imminent Resurgence

Patrick Injury Update Toe
GettyOffensive lineman Lucas Patrick (left) celebrates a successful field goal attempt with kicker Cairo Santos (right) of the Chicago Bears.

Spotrac projects the Bears will have north of $63 million in salary cap space in 2024, though that number may not yet reflect the money the team just committed to its kicker. In either case though, Chicago is set up as one of the most financially flexible franchises heading into next season.

Beyond the cap space at general manager Ryan Poles‘ disposal will be a couple of first-round draft picks. The Bears own the rights to their own pick, which is currently No. 5 according to Tankathon, and the Carolina Panthers‘ first-rounder, which is currently the No. 1 overall selection.

Chicago figures to either trade the top pick and move back in the draft order while stockpiling more high selections, or use that pick to bring in a new quarterback — in which case the team will trade Justin Fields for first- or early second-round value. The combination of cap space and significant draft picks will place the Bears in a better spot than perhaps any other team in the NFL for the second straight offseason.

Despite a slow start in 2023, Chicago’s defense has come on strong and the team is only a couple of fourth-quarter collapses away from a 7-7 record and legitimate playoff aspirations. One more good offseason should position the Bears as a playoff contender that now has its special teams fortified for the long term after Santos’ extension.