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The Jacksonville Jaguars and Trevor Lawrence have reached an agreement on a five-year contract extension, the team announced Friday. The deal is worth $275 million, tying Joe Burrow as the highest-paid quarterback in NFL history, CBS Sports lead NFL insider Jonathan Jones confirmed.

Lawrence becomes the fourth quarterback to make $200 million fully guaranteed in a contract, joining Deshaun Watson (who received $230 million guaranteed in his 2022 deal), Joe Burrow ($219.01 million in guarantees) and Justin Herbert ($218.7 million guaranteed). Lawrence gets $142 million at signing, per ESPN, and will make an average annual salary of $55 million per year -- tying Burrow for the biggest per-year salary in the league. 

"I am beyond grateful to be able to continue my career in Jacksonville," Lawrence said. "My family and I love this city -- it has become home to us and this solidifies that even more. We can't thank Mr. Khan, and everyone involved enough for their belief in me. I know that the best is yet to come and this is only the beginning. The drive to bring a championship to Duval is bigger than ever. Let's get it done."

Lawrence's new contract also has a no-trade clause, per Jones. It will pay him $82.6 million in cash in the first year of the deal.

He is entering his fourth year in the NFL and had a fifth-year option in 2025 set for $25.7 million before the extension.

Highest-paid QB contracts in NFL

PlayerContractAverage Per Year

Trevor Lawrence

5 years, $275 million

$55 million

Joe Burrow

5 years, $275 million

$55 million

Jared Goff

4 years, $212 million

$53 million

Justin Herbert4 years, $262.5 million$52.5 million
Lamar Jackson4 years, $260 million$52 million

Jaguars general manager Trent Baalke released a statement on the signing, saying this extension is the vision the team had when they drafted him becoming a reality.

"Our objectives have always been aligned. As an organization, we have consistently messaged the importance of extending our core players and Trevor is a foundational talent that we will continue to build around in our quest for a championship," Baalke said. "With his talent, work ethic, leadership, and competitive drive we are confident the best is yet to come and are thrilled that he and Marissa [Lawrence's wife] will continue to make Jacksonville their home."

Jaguars owner Shad Khan added that he was "delighted" over the deal, giving credit to Lawrence and Baalke for getting the contract done.

"To get it done comfortably and amicably ahead of training camp, as with the long-term agreement we reached in April with Josh Allen, is a further statement that the Jacksonville Jaguars are committed to winning now and for many seasons to come," Khan said.

The Jaguars just gave Allen $150 million over five years in April, making him the first $100 million player in franchise history. Lawrence tops Allen's record-setting deal, becoming the first player to have a $200 million contract in Jaguars history. 

Lawrence is coming off a season during which he led the NFL with 21 giveaways and went 0-5 in his last five starts to miss the playoffs. Lawrence has finished with 20-plus giveaways in two of his three seasons, and his 21 fumbles lost are tied with Tony Banks for the most by a player in his first three seasons (stat first tracked in 1991). Lawrence has more fumbles lost than any other player in the past three seasons.

Despite the fumbles, Lawrence is fifth in quarterback wins in Jaguars history (20). He's fourth in franchise history in pass yards (11,770) and passing touchdowns (58). His 11,770 passing yards is the fifth-most in NFL history by a player after three seasons. 

The Jaguars committed themselves to Lawrence for the long haul, making him tied for the highest-paid quarterback in league history. Lawrence will be the face of the franchise throughout this decade.