The Oakland Raiders and quarterback, Derek Carr, have finalized a five-year contract extension worth $125 million, making Carr the highest paid player in NFL history, reports NFL.com's Ian Rapoport.
No other financial terms were released, but according to CBSSports' Jason La Canfora, Carr's deal includes a $40 million signing bonus. He is expected to be paid $69 million in the first three years of the deal.
The Raiders have more than $32 million in salary cap space available to spend, and Carr is set to make $977,519 in base salary for 2017, the last season of a four-year, $5.4 million rookie deal.
Carr had reportedly been frustrated with the pace of contract negotiations and wanted to get a deal done before training camp starts at the end of July.
He now replaces Indianapolis Colts quarterback Andrew Luck as the league's highest paid player.
Carr, 26, completed 63% of his passes with 28 touchdowns and six interceptions last season for the Raiders, who made their first playoff appearance since 2002.
Since entering the league in 2014 as a second-round pick by Oakland, Carr has a 22–25 record as a starting quarterback. He has thrown for 11,194 yards with 81 touchdowns and 31 interceptions.
Carr is the only quarterback in NFL history to throw more than 80 touchdowns passes with fewer than 40 interception in first three seasons in the league.