The extension will keep Olsen under contract through the 2018 season and is worth $22.5 million, including a $12 million signing bonus, his agent said.
Olsen, who turns 30 next week, was traded by the Chicago Bears to Carolina before the 2011 season and has played the last four years with the Panthers. His 1,008 receiving yards tied with rookie Kelvin Benjamin for the team lead in 2014. It was his first 1,000-yard season. He also had six touchdowns, the second-most on the team, and was selected to the Pro Bowl for the first time in his career.
"Now to have this contract that guarantees that I'll play the rest of my career in Charlotte is a tremendous blessing," Olsen said in a statement. "We're just so thankful for the team believing in me and wanting me to still be a part of this. As a team, we have a lot of special times ahead of us."
- Dan Gartland