Broncos and Russell Wilson reach agreement on a five-year, $245 million deal extension.

According to reports cited by NFL Network Insider Ian Rapoport on Thursday, Wilson and the Denver Broncos have reached an agreement on a five-year, $245 million extension, with $165 million of that sum guaranteed.

The extension locks the quarterback to Denver for the following seven years; his original contract, which he signed in Seattle, has two seasons left on it.

Wilson was acquired from the Seattle Seahawks in March, and it was always the intention to extend his contract. Before reaching an agreement on a long-term basis, the parties awaited approval of the new Walton-Penner ownership group and their input.

Wilson earns $49 million year under the five-year agreement, which places him only behind two-time MVP Aaron Rodgers ($50.3 million) and in front of Kyler Murray ($46.1 million). But compared to Deshaun Watson’s fully guaranteed $230 million contract, the $165 million guaranteed is less.

Wilson takes over in Denver as the new offensive coordinator under Nathaniel Hackett, a former offensive coordinator for the Green Bay Packers, after ten years in Seattle under Pete Carroll’s ground-first strategy. Since Wilson was acquired, expectations in Denver have increased significantly. Wilson contributed to 10-plus wins in eight out of his ten seasons in Seattle.

Wilson will help free up a constrained Broncos offense as the prettiest deep ball thrower in the NFL, and here is his chance to demonstrate his ability to triumph while chowing down.

Wilson still had two years on his contract, so the Broncos could have played it safe and waited until 2022 to decide whether or not a significant extension was warranted. Instead, they provided evidence to support their risk-taking strategy and conviction that the 33-year-old is the final piece in their playoff jigsaw.

In Week 1, Wilson returns to Seattle with a new team and a whopping new deal.