Updated May 21, 2019 12:11:00 New Orleans Saints owner Tom Benson has agreed to a $50.6 million offer for the Jacksonville Jaguars, the league announced on Wednesday.
The Titans have already bought the franchise for $65 million.
The deal includes a second 10-year contract worth $75 million, which would be paid out at the start of each of the two-year span after which Benson would be able to negotiate a new deal.
Jaguars owner Shad Khan is not on the bid.
“The Jacksonville Jaguars have had a tremendous success with the franchise and we appreciate the opportunity to invest in the franchise,” Benson said in a statement.
“Our focus remains on winning championships and building the team that will provide us with a championship-caliber team.”
The deal is worth an average of $18 million per year, with $2 million of the proceeds going toward the salary cap.
It also includes a first-round pick in 2019, a third-round selection in 2020 and a fifth-round choice in 2021.
It would be the first time that Benson has bought a franchise with a first or second round pick in the top five.
Jaguars President Tom Coughlin is in line to become the first team owner to be the highest-paid NFL owner in at least 10 years.
He made a $5.9 million annual salary last season.
Jaguars General Manager Dave Caldwell was paid $2.6 billion last year and would earn $7.8 million if he is still in charge in 2019.
The Jaguars have been under new ownership since former owner Shad Khawaja sold the team to Benson in 2013.
The move brought with it a $300 million cap increase and the first salary cap in the NFL since 2005.
The club is on track to have a $1.5 billion salary cap for the 2021 season.
The Jacksonville Jaguars were last in the league in points per game allowed in 2019 with a 31.4.
They were third in scoring defense with 27.2 points per contest, and they had the NFL’s fourth-worst offense with 27th-worst points per play.
Jacksonville finished last in total offense (315.9 yards per game) in 2020, finishing with the league’s third-worst passing offense.