After failing to get something done with him in 2024, the Cincinnati Bengals and wide receiver Ja’Marr Chase are once again trying to hammer out a contract extension this offseason.

Unfortunately, things don’t appear to be going great on that front at the moment. While the Bengals do have an offer on the table for the superstar wide receiver, the two sides “remain far apart,” per The Athletic’s Dianna Russini.

“Meanwhile, Chase is expected to reset the non-QB market,” Russini wrote. “An offer has been made by Cincinnati, but the two sides remain far apart in talks for now.”

As Russini notes, Chase’s extension is expected to be substantial. He was already in line for a massive deal in 2024 before the two sides broke off talks, but his price only went up following his winning the receiving triple crown during the season.

FOX Sports’ Jordan Schultz previously reported that Chase is going to command “at least” $40 million annually in a new deal, which is eye-opening when you consider the current high-water mark.

“Ultimately, Chase chose to play and now Cincinnati is staring at the league’s first $40 million wide receiver,” Schultz said. “That’s right: Chase will command at least $40 million per season.”

At $40 million per season, Chase would blow past Minnesota Vikings wide receiver Justin Jefferson, who previously reset the non-quarterback market with a four-year, $140 million deal, which works out to $35 million annually.

Russini’s update is troubling because Chase held out during the offseason in 2024 and nearly did so through the start of the regular season. It’s very possible he will take that route in 2025 if the same thing happens, and it goes without saying how bad that would be for Cincinnati’s hopes of getting off to a much-needed strong start.

The Bengals have a lot of money to dish out to key players this offseason. Along with Chase, Cincinnati has to extend wide receiver Tee Higgins and edge rusher Trey Hendrickson. The Bengals have a healthy cap space situation the next few years, so they have the funds to extend all three.

Reports suggest the Bengals are working to re-sign Higgins to a long-term deal and will use the franchise tag on him if they need more time. In Russini’s report, she thinks that Hendrickson will be “the odd man out” if Cincinnati can’t get a deal done with all three players.

“If the Bengals can’t get deals done with all three, Hendrickson is most likely to be the odd man out,” Russini wrote.

While Chase should be the top priority, the Bengals should prioritize Hendrickson over Higgins. After all, having a No. 2 receiver like Higgins is a luxury, not a necessity, and Hendrickson would be much tougher to replace.