The news that Lewis Hamilton jumped ship from Mercedes to Ferrari was big news in the Formula 1 world, with the world's most famous driver entering probably his last big contract of his career.

Everyone knows the fortunes that F1 stars make, but Hamilton's new deal may just be about the break new ground in the salary levels of the sports superstars.

Curious to just how much the British driver is set to earn? Read on to find out!

What does a typical F1 contract look like?

Most F1 contracts are built around a base salary, with extras built in. These additions aren't perks for nothing, like you might find with no-deposit bonuses, but instead the driver must perform to a certain level to earn them.

Think of the base salary as the foundation of the deal, providing a guaranteed income for the driver. The real earning potential, however, lies in the performance-based bonuses, which can drastically inflate a driver's income.

These bonuses are finely crafted, often tied to a range of on-track achievements. Race wins, of course, are the main trigger for bonus payments and drivers receive a set amount for each victory. Podium finishes, too, often activate bonuses, with Championship titles, the ultimate prize in Formula 1, the obvious biggest bonus haul.

Contracts can also include bonuses for fastest laps, pole positions, or even achieving certain milestones within a race. Let's say a racer lays down a record lap time, for example: this could lead to an extra payment as per the terms of his contract.

Lewis Hamilton's Mercedes contract

Details of Lewis Hamilton's previous contract with Mercedes were never officially released, but estimations put his base salary in the tens of millions of dollars annually.

However, this figure likely represented only a portion of his total earnings. Performance bonuses, tied to race wins, podium finishes, and championship titles, could have pumped his income dramatically.

Hamilton's global brand appeal also opened doors to lucrative sponsorship deals with big brands, including Tommy Hilfiger, Monster Energy, and Petronas.

While we'll never know the true amount Mercedes paid him, he's almost certainly going to be on a similar amount with Ferrari, who are keen to secure his talent and brand power to boost their own performance and marketing reach.

What is Lewis Hamilton's estimated salary at Ferrari?

The specifics of Hamilton's Ferrari contract once again remain confidential, but there's a lot of speculation about his salary levels in the F1 world.

Some reports suggest a base salary comparable to his previous earnings, while others hint at a big pay rise. Either way, with unprecedented bonuses, it's safe to assume that Hamilton's compensation package will be among the highest in Formula 1 history, if not the highest.

As of recent estimates, only Max Verstappen earned more than Hamilton did at Mercedes, but even the Dutch driver is unlikely to come close to the Brit's new deal. Verstappen is said to be on around $75 million at Red Bull, where his contract runs until 2028.

Other drivers, including Hamilton's compatriot Lando Norris and Spain's Fernando Alonso, are unlikely to earn even half as much as the top two. Norris is thought to bring in around $35 million at McLaren, while Aston Martin are rumoured to pay Alonso around $28 million.

Ferrari is known to invest heavily in its top drivers because it knows the value that they bring to their brand. With all this in mind, reports have emerged that the Brit is set to rake in around $100 million, once endorsements, image rights and those lucrative bonuses are all factored in.

This would make Hamilton not only the highest paid F1 driver of all time, but also one of the richest sportsmen in the world. According to Investopedia, only footballers Cristiano Ronaldo ($285m!), Leo Messi, Neymar, and Karim Benzema - plus golfer Jon Rahm and basketballers Stephen Curry and LeBron James - earn more than him.

Hamilton's long-term future

At 39 years old, Hamilton is entering a crucial phase of his career. His talent and dedication are not in doubt, but he must know that his days at the very highest level of the sport are surely numbered.

This Ferrari contract could very well be his last major deal, and he and his team will have negotiated it with this fact in mind. The length of the agreement is until 2026, which will take the driver into his forties.

Beyond that, a new racing contract is doubtful, but we may see Hamilton make the transition into other roles in the F1 world, including coaching or commentating.

Whatever the superstar chooses, it's likely his worldwide appeal will lead him into other lucrative work, helping him become one of the richest sportspeople of all time.