Gipson skipped the team's voluntary spring practices after the club placed a second-round tender on the restricted free agent in March. He'll now make $2.35 million next season.
Gipson had been holding out for a long-term contract, but with a deadline approaching on Monday, he decided to sign rather than risk losing money in case the Browns cut his tender.
The 24-year-old finished second in the NFL with six interceptions last season despite missing the final five games with a sprained right knee. With Gipson on board, the Browns have one of the league's best backfields, which includes Pro Bowl cornerback Joe Haden and strong safety Donte Whitner.
Gipson signed with the Browns as an undrafted free agent from Wyoming in 2012. He led the team with five interceptions in 2013.
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