Chad Kelly has agreed to a five-year contract extension with the Toronto Argonauts, according to a source familiar with the negotiations. The team plans to hold a news conference Tuesday to formally announce the deal.
Kelly, 32, is currently in the final season of a three-year, $1.865-million contract extension that he signed with Toronto during the 2023 season, which at the time made him the highest-paid player in the Canadian Football League (CFL). Talks about his future with the Argonauts were reportedly paused last month and resumed following the conclusion of the regular season.
Originally set to become a free agent this off-season, Kelly’s new contract is expected to place him above B.C. Lions quarterback Nathan Rourke, who reportedly earns over $680,000 annually, making Kelly the highest-paid player in the league. Financial terms of the extension have not yet been released.
Kelly is having his best statistical season in the CFL in 2026. The Buffalo, New York native has set career highs with 5,067 passing yards and 33 touchdowns, though he has also thrown a career-high 24 interceptions. He missed Toronto’s 33-16 home loss to Montreal last Friday due to a knee injury sustained on October 16 during a 40-39 defeat to Ottawa. Despite this, he is expected to start in Saturday’s East Division semifinal against the Winnipeg Blue Bombers.
Since joining the Argonauts in 2022, Kelly has played a key role in the team’s success. He replaced an injured McLeod Bethel-Thompson late in the fourth quarter of the 2022 Grey Cup, helping Toronto secure a 24-23 victory over Winnipeg. Kelly became the team's starting quarterback the following season and earned the CFL’s Most Outstanding Player award. That year, he completed 270 of 394 passes (68.5 percent) for 4,123 yards and 23 touchdowns, with 12 interceptions, while rushing for 248 yards and eight touchdowns. Toronto finished 16-2, tying the CFL record for most regular-season wins and setting a franchise record.
Kelly returned to the Argonauts in 2026 after missing the entire 2025 season due to a leg injury suffered in the 2024 East Division final. During his absence, Nick Arbuckle took over as starting quarterback, leading Toronto to a 41-24 Grey Cup victory over Winnipeg and earning game MVP honors.
Kelly is the nephew of former Buffalo Bills quarterback Jim Kelly. Before his CFL career, he spent time in the NFL with the Denver Broncos (2017-2018) and the Indianapolis Colts (2019-2020). He was selected by Denver with the final pick in the 2017 NFL Draft out of Ole Miss.