Wood on Josh Allen extension: 'The sooner you can get it done in Buffalo, the better'

Bills quarterback Josh Allen.
Photo credit Timothy T Ludwig / Stringer / Getty Images

Buffalo Bills quarterback Josh Allen is reportedly open to the idea of structuring a long-term contract extension that would give the franchise salary cap flexibility to supplement team needs over the next few seasons.

And although Buffalo believes there's no rush to negotiate with their former first-round pick, it'd behoove them to act without further delay, according to former Bills offensive lineman and current team radio analyst Eric Wood.

"I would want to get it done as soon as I possibly can, honestly, because that salary cap is going to go up," Wood told After Hours with Amy Lawrence on Thursday. "As other quarterbacks start re-signing, they're only going to go up. Everyone gawked at a $450 million, 10-year deal for Patrick Mahomes. Well, as you know, there's going to be a lot of guys matching him.

"And if the salary cap rises, it wouldn't surprise me if in five years -- shoot, it could be shorter than that -- if Patrick Mahomes keeps his current pace, he'll be begging for another deal in Kansas City. So, I think the sooner you can get it done in Buffalo, the better. Just being the fact that, probably the longer you wait, the more money it costs you."

Allen, who's entering the fourth year of his rookie deal, was a breakout star for the Bills last season. The 25-year-old completed a career-high 69.2-percent of his passes for 4,544 yards with 37 touchdowns, and added eight rushing scores en route to an AFC title game appearance against the Chiefs.

According to Spotrac, Allen's market value is currently listed at $168.6 million across four years. With this deal's average annual value (AAV) of $42.1 million, it'd place him only behind Mahomes, who signed his record-breaking contract extension last summer.

The entire NFL conversation between Wood and Lawrence can be accessed in the audio player above.

You can follow After Hours With Amy Lawrence on Twitter @ALawRadio and @AfterHoursCBS, and Tom Hanslin @TomHanslin.