Matt Ryan and the Atlanta Falcons have agreed to a contract extension. (Kevin C. Cox/Getty Images)
The Atlanta Falcons and quarterback Matt Ryan have agreed to a five-year contract extension worth $103.75 million, according to multiple reports.
Ryan will receive $59 million in guaranteed salary with $63 million coming to Ryan during the first three years of his new deal. Ryan's guaranteed money is second only to the $61.5 million the New Orleans Saints gave quarterback Drew Brees in 2012.
Ryan was entering the final year of his rookie contract before the Falcons decided to lock up their franchise quarterback until he is 32 years old. His new deal will earn him $20.75 million annually.
Ryan, selected third overall in the 2008 draft, had his best season in the NFL last season, throwing for 4,719 yards with 32 touchdowns to his 14 interceptions.