The Cleveland Browns have agreed to a four-year contract with third-overall draft pick Trent Richardson, ESPN.com's Chris Mortensen reported Monday night on Twitter.
Trent Richardson deal done, per sources. 4 yrs $20.4 mill fully guaranteed. $13.6 sign bonus.
— Chris Mortensen (@mortreport) July 24, 2012
The finalized deal comes after reports Monday that the two sides were close on a contract agreement. Pro Football Talk's Mike Florio took a year-by-year look at Richardson's base salaries:
The contract pays Richardson a signing bonus of $13.341 million, along with base salaries of $390,000 in 2012, $1.321 million in 2013, $2.252 million in 2014, and $3.184 million in 2015.
Like all first-round picks, the team holds an option for the fifth-year. The Browns will be able to retain Richardson’s rights for 2016 by offering the average of the ten highest paid running backs in 2015.
In April's draft, the Browns sent the Nos. 4, 118, 139, and 211 picks to Minnesota to move up a spot and grab Richardson at No. 3.