According to Over the Cap, he gets $68,750 as a signing bonus. He can get another $68,750 as a roster bonus, but he has to make the Week 1 roster.
Those are his only guarantees this season. He will make the league minimum in salary for his experience in the league at $1.075 million. Last year, he had $300,000 of his salary guaranteed, which made it much more likely for him to make the roster. That is not the case this year.
His contract also qualifies for the veteran exemption against the salary cap. While the total value of his deal is for a little more than $1.2 million, his contract will only count $987,500 against the salary cap if he makes the roster.
Banjo played in 13 games last season and started four. He had 48 total tackles. His 436 defensive snaps, filling in for an injured Jalen Thompson, were the most in his career.