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The Los Angeles Rams still do not have their first-round pick under contract. Quarterback Ty Simpson, taken 13th overall in April, is one of four rookie quarterbacks league-wide without a signed deal, Mike Florio of Pro Football Talk reported Monday — a group that also includes No. 1 overall pick Fernando Mendoza of the Raiders, Arizona third-rounder Carson Beck and Pittsburgh third-rounder Drew Allar. They are, notably, the first four quarterbacks taken in the draft.

There is no financial mystery here. Rookie deals have been slotted by formula since 2011, and most draft classes are fully signed by Memorial Day. As Florio notes, the negotiating friction in these cases historically comes down to structure — signing-bonus cash flow, offset language, conditions that void guarantees — not dollars. Simpson’s slot projects to roughly $25.4 million over four years, per CBS Sports. On a roster carrying Matthew Stafford’s veteran quarterback money, it is the cheapest long-term investment the Rams have made at the position, and the one with the longest intended payoff.

That payoff is exactly why the timing matters more for Simpson than for a typical mid-July straggler. The Rams report to camp Saturday, and Stafford — the reigning MVP, re-signed on a one-year, $55 million extension after the draft — is the unquestioned starter. Sean McVay said as much in April: this is Stafford’s team. Barring something unforeseen, Simpson’s rookie season will be played almost entirely in practice and preseason. Those August reps are not a supplement to his development plan; they are the plan. A rookie quarterback who is not signed does not practice.

Rookie holdouts are effectively extinct, and Florio’s expectation is that all four deals get done. The recent precedent in this division supports that: Arizona’s second-round pick Will Johnson signed on report day a year ago. But Los Angeles traded up-front draft capital and a public vote of confidence in its succession plan to land Simpson at 13. Getting the paperwork finished before Saturday is the cheap part.

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