The new deal runs through 2019. NFL.com's Ian Rapoport reports the deal is worth $84–85 million, with $65 million guaranteed.
There had been speculation this week that if Rivers hadn't agreed to an extension by Thursday, no contract would get done until the 2016 off-season, when he would have been a free agent. There was also speculation the Chargers would apply the franchise tag to keep Rivers around.
Rivers, 33, has spent his entire career with the Chargers since being acquired in a draft-day deal in 2004. Last season he threw for 4,286 yards and completed 66.5% of his passes, adding 31 touchdowns and 18 interceptions.
In 11 NFL seasons, Rivers has amassed 36,655 yards and completed 64.7% of his passes. He's thrown 252 career touchdowns to 122 interceptions.
- Jeremy Woo