re: How can an NFL rookie get out of their contract after year 1? Is it possible?

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frick that.

It isn't chicken shite to say you're worried about your health, safety, and career because your employer doesn't give a frick about any of those things.

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Teams who are picking #1 overall are there for a reason. Rookie QB contracts allow those teams to get competitive quickly. A few good moves this offseason will have Cincinnati competing for a playoff spot next year if. Burrow is the real deal.

Also, to respond to your OP:

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Really don't want Burrow's potential wasted like Palmer's.

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In Palmer's 3rd season, they were arguably the best team in the NFL and IMO would have won the Super Bowl had Palmer not gotten his knee blown out on a freak play early in their playoff game against Pittsburgh. He was never really the same player and they were never the same team after that.