The Carolina Panthers officially locked up their franchise quarterback long-term, signing Cam Newton to a five-year extension on Tuesday.
ESPN’s Adam Schefter says the deal is worth $103.8 million and it includes $60 million in guaranteed money. Newton will make $67.6 million in the first three years, including a $22.5 million signing bonus and a $7.5 million roster bonus that will be paid out on Saturday. In total, the young QB will make $31 million in the 2015 season.
“I’ve said all along, Cam is our franchise quarterback and we are absolutely thrilled that we got the extension done,” general manager Dave Gettleman said in a statement. “It allows us to do the long-term planning that we need to do to make sure that he’s surrounded with players and that we can continue to build this team.”
Newton will be the highest-paid player in the NFL this season, barring any new deals to come.
“This extension shows the commitment we wanted to make to Cam as our franchise quarterback,” head coach Ron Rivera said in the same statement. “For me personally, he was the first draft pick we ever made and the first pick in 2011 so it continues to solidify that relationship we have with each other.”