Shedeur Sanders was projected to go as early as No. 2 before his inexplicable draft slide. The Cleveland Browns finally selected Sanders in the fifth round of last month's NFL Draft.On Monday, the Browns said Sanders signed his rookie contract. ESPN reported that Sanders' four-year rookie deal is valued at $4.6 million.The latest NFL collective bargaining agreement introduced fixed rookie pay scales, which effectively eliminates negotiations. Since Sanders was the 144th overall pick, he was slotted to earn $4.6 million on his first contract.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COMThe Browns also confirmed Sanders will wear the No. 12 during the 2025 season. Sanders wore No. 2 at Colorado, but Cleveland wide receiver DeAndre Carter had already claimed the No. 2 jersey.BROWNS' SHEDEUR SANDERS SAYS HE WON'T BUY COLLEGE JERSEY NUMBER FROM TEAMMATE, CITES MODEST SIGNING BONUSThere was some speculation Sanders could make an offer to Carter to regain his college football number. But Sanders hinted that his modest signing bonus would prevent him from pursuing his old number."My signing bonus aint that high right now," Sanders said.Spotrac estimated that Sanders' signing bonus will clock in at just over $446,000.The total value of Sanders' contract is worth less than his reported name, image, and likeness (NIL) valuation that he amassed during his college football career. Per On3, Sanders had a $6.5 million valuation while he played for Colorado.Reaching an agreement on a multi-year contract could provide Sanders with some security as he competes for a roster spot and as he attempts to work his way up the Browns' depth chart.The 23-year-old is part of a crowded quarterback room in Cleveland that features Deshaun Watson, Joe Flacco, Kenny Pickett and Dillon Gabriel.Sanders finished the 2024 season at Colorado with 4,134 passing yards.Follow Fox News Digitals sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.