ESPN's Adam Schefter and Adam Caplan first reported the deal.
Dalton will make $25 million of the contract over the first two years of the deal, Florio reports. The quarterback will receive a signing bonus of $12 million and a roster bonus of $5 million in three days.
In March 2015, Dalton will earn a $4 million roster bonus. The quarterback also has a $3 million non-guaranteed base salary in 2015.
According to Florio, Dalton's contract has base salaries of $10.5 million in 2016, $13.1 million in 2017, $13.7 million in 2018, $16 million in 2019, and $17.5 million in 2020.
Dalton also has incentives built into his contract that can earn him up to an additional $18 million, Florio reports.
Dalton was entering the last year of his four-year, $5.2 million rookie contract. In his three seasons, Dalton has led the Bengals to three consecutive playoff berths for the first time in franchise history. But questions surrounded Dalton’s future with Cincinnati due to his poor playoff performances.
The Bengals have gone 0-3 in those playoff games, with Dalton throwing a combined one touchdown and six interceptions.
Selected in the second round of the 2011 NFL draft, Dalton has started every game since his rookie season, throwing for a combined 11,360 passing yards, 80 touchdowns and 49 interceptions while leading Cincinnati to a 30-18 record.
Last season, Dalton's 4,293 passing yards and 33 touchdowns were both Bengals single-season franchise records. He led the team to an AFC North division title and an 11-5 record, the team's best since 2005. But Dalton threw two interceptions and lost a fumble in the Bengals' 27-10 loss to No. 6 seed San Diego.
Dalton had said recently that he was confident a long-term deal would get done soon. The Bengals echoed those sentiments, with owner Mike Brown saying Dalton's deal would be similar to 49ers quarterback Colin Kaepernick's six-year deal worth up to $126 million.
- Ben Estes and Sarah Barshop