TORONTO — Chad Kelly has again reset the quarterback market in the CFL.
The Toronto Argonauts formally announced their five-year extension with the veteran quarterback Tuesday. Financial figures weren’t provided, but a CFL source said the deal has a $5,555,250 base salary, which could go as high as $5,805,250 with bonuses.
And that will easily make Kelly the CFL’s highest-paid player, a distinction he garnered in 2023 when he signed a three-year, $1.865-million extension with Toronto. B.C. quarterback Nathan Rourke is regarded as the league’s top earner this season with a reported salary exceeding $684,000.
Kelly said he didn’t know what to expect when he first arrived in the CFL in 2022. And in 2025, he began questioning his future when he missed the entire season recovering from a leg injury sustained in the ’24 East Division final.
“I really didn’t know what was going to happen when I broke my leg,” Kelly said at BMO Field. “Now I sit here today being able to say I’m going to be here for another five years.
“But coming (to the CFL) was the best decision I ever made in my life. I have a beautiful family, I’ve come to love Canada on a whole other level. I never knew I could come to love a place so much (more) than my home and now this is my home forever, I’m just thankful to be in this situation.”
Kelly’s deal is nowhere near the most lucrative in CFL history. In 1991, Raghib (Rocket) Ismail signed a four-year, US$26.2-million contract — $18.2 million guaranteed — with Toronto that made him pro football’s highest-paid player at the time. And quarterback Doug Flutie reportedly had a comparable deal worth $1 million in each of his two seasons in Toronto (1996, ’97).
However, Kelly’s extension is expected to be a sign of things to come in the CFL. The league’s six-year, $500-million TV deal with Bell Media, the parent company of TSN, DAZN and YouTube, begins in 2027.
The CFL is completing its six-year broadcast agreement with TSN, which paid it an average of $50 million annually. That’s slated to increase to over $83 million next season.
The CFL’s salary cap this year is $6,280,514, up $218,149 from 2025.
Kelly was slated to become a free agent this off-season. Had he hit the open market, the Ottawa Redblacks — with former Argos head coach Ryan Dinwiddie at the helm — were expected to heavily pursue him.
“Look, I love it here,” Kelly said. “I feel like I’m loved in this city and I’ve made so many memories, so many friendships that are going to last forever.
“I sit here today being able to carry that torch and be able to look at helping the younger guys be a part of something even bigger for the next five years.”
This season has been Kelly’s best in Canada. He has established career highs in passing yards (5,067) and touchdowns (33), but has also thrown a career-high 24 interceptions.
A sore knee kept him out of Toronto’s 33-16 home loss to Montreal on Friday in the regular-season finale for both teams. Kelly resumed practising Tuesday and said he’ll start Saturday in the East Division semifinal versus the Winnipeg Blue Bombers.
Kelly’s extension came after talks between his camp and the Argos were paused last month. But Kelly said a phone conversation between him and Argos GM Mike (Pinball) Clemons kept the lines of communication open.
“We definitely had quite a bit of conversations before and after then,” Kelly said. “I think it was just about understanding where we both were coming from.”
Clemons said classifying the contract talks as being paused would be incorrect.
“There was a little calming that took place (but) we never really paused, if you will,” he said. “It was more taking the time to make sure we got things right.”
Clemons said Toronto’s goal with Kelly wasn’t to establish new ground in CFL contracts.
“We want to make sure we present something to (players) that they feel represents their efforts,” he said. “That’s really what we accomplish more than trying to set any new path or anything like that.
“It’s about making sure we can satisfy the player himself and really come to grips with some kind of communication on what we feel is a healthy opportunity for him.”
Kelly joined the Argos in 2022 and helped them win the Grey Cup that year. He replaced an injured McLeod Bethel-Thompson in the fourth quarter as Toronto edged the Winnipeg Blue Bombers 24-23.
Kelly became the starter the following season. He was named the league’s outstanding player after completing 270 of 394 passes (68.5 per cent) for 4,123 yards with 23 touchdowns and 12 interceptions while rushing for 248 yards and eight TDs — tied for second-most in the CFL.
He won 15 of his 16 starts as Toronto (16-2) tied the CFL record for most regular-season victories and set a franchise record.
Kelly is the nephew of Jim Kelly, the former Buffalo Bills star quarterback. He came to the CFL after spending time in the NFL with Denver (2017-18) and Indianapolis Colts (2019-2020).
The Broncos selected Kelly with the final pick of the 2017 NFL draft out of Ole Miss.
The Argos have also renewed their partnership with Toronto Flag Football. It will now include a Chad Kelly Clinic Series annually.
This report by The Canadian Press was first published Oct. 27, 2026.
Dan Ralph, The Canadian Press
