Quarterback Trevor Lawrence and the Jacksonville Jaguars have agreed to a five-year, $275 million extension that includes $200 million guaranteed, according to a person familiar with the negotiations.

With a $55 million average salary, Lawrence ties Cincinnati Bengals' Joe Burrow for the most in NFL history.

The Detroit Lions' Jared Goff, Baltimore Ravens' Lamar Jackson, Philadelphia Eagles' Jalen Hurts and Justin Herbert of the Los Angeles Chargers are the other quarterbacks making at least $50 million per year.

Lawrence's deal is surpassed in total guaranteed and fully guaranteed money only by Burrow and Cleveland Browns' Deshaun Watson.

The 24-year-old is entering the fourth season of his rookie deal and the Jaguars exercised his fifth-year option earlier this offseason.

The first overall pick in the 2021 draft, Lawrence has completed 63.8 per cent of his passes in 50 regular season starts for 11,770 yards with 58 touchdowns and 39 interceptions. He has compiled a 21-31 record as a starter in three seasons, including 1-1 in the playoffs. He led the Jaguars to an AFC South title and a playoff win in 2022, earning a Pro Bowl selection.

Jacksonville and Lawrence got off to an 8-3 start last season and appeared to be legitimate contenders in the AFC, but the Jaguars lost five of their final six games and failed to reach the playoffs after spending three months atop the AFC South.

Lawrence missed the first game of his career against the Carolina Panthers on December 31 due to a shoulder injury, a 26-0 victory for the Jaguars.

He also missed significant practice time because of other injuries: a sprained left knee in Week 6, a sprained right ankle in Week 13 and a concussion in Week 15.

More on the Jacksonville Jaguars and quarterback Trevor Lawrence agreeing on a five-year, $275 million contract extension, via @ESPNdirocco:https://t.co/cbTDAdprT5

— Adam Schefter (@AdamSchefter) June 13, 2024