George Russell's reported $40M Mercedes contract makes him the 3rd highest paid F1 driver on the grid

George Russell's contract extension with Mercedes has reportedly made him the third-highest-paid driver on the 2025 Formula 1 grid, behind only Max Verstappen and Lewis Hamilton.

Red Bull reportedly pays Verstappen $64 million every year, while Lewis, who is signed with Ferrari, reportedly earns $60 million per year. Mercedes announced Russell's extension earlier this week. Although the exact terms of the contract were not disclosed, reports suggest it is worth $40 million.

Russell's contract was a long time coming, with his competitiveness on the grid this year almost guaranteeing an extension. He will continue to partner Andrea Kimi Antonelli, who has been confirmed to remain with Mercedes next season.

Mercedes team boss Toto Wolff explained the reason behind the late signing of the drivers, stating that they wanted to make sure everyone was "happy."

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Toto Wolff explains delay in George Russell and Kimi Antonelli's contract signing

Reports initially suggested that Mercedes only offered George Russell a 1+1 contract for the 2026 F1 season, but he wanted a longer-term deal. At the same time, there was speculation that Max Verstappen was eyeing a seat at the team, although the Dutchman ultimately quashed those rumors.

Explaining the delay in Russell's contract signing, Toto Wolff said the team wanted to take its time in signing both drivers.

"Confirming our driver line-up was always just a matter of when, not if," Wolff said. "We wanted to take our time, handle the negotiations properly and make sure everyone, on all sides, was happy.

"I'm pleased we have done that. George and Kimi have proved a strong pairing and we're excited to continue our journey together."

Both Russell and Antonelli have been rather competitive in recent races. With Russell's three race wins this year, the team sits in second place in the Constructors' Championship, behind this year's champions, McLaren.