JACKSONVILLE, Fla. -- The Jaguars and quarterback Trevor Lawrence have agreed on a five-year extension, the team announced on Friday.
The deal is worth $275 million, a source told ESPN's Adam Schefter.
The contract includes $200 million guaranteed and $142 million at signing, the source told Schefter. Lawrence received a $37.5 million signing bonus in a deal that starts in 2026, meaning he will be under contract through 2030, a source told ESPN.
"With this five-year extension, the vision we had when we selected Trevor first overall in 2021 has become a reality," Jaguars general manager Trent Baalke said. "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."
The $55 million average salary in Lawrence's deal ties him with the Cincinnati Bengals' Joe Burrow for the top mark in that category in the NFL.
Lawrence becomes the sixth quarterback to have an annual salary above $50 million, joining Burrow, the Detroit Lions' Jared Goff ($53 million), Los Angeles Chargers' Justin Herbert ($52.5 million), Baltimore Ravens' Lamar Jackson ($52 million) and Philadelphia Eagles' Jalen Hurts ($51 million).
The Kansas City Chiefs' Patrick Mahomes, who just won his third Super Bowl, is the next-highest paid quarterback at $46.339 million annually.
Lawrence's new contract makes him the ninth quarterback with $100 million or more fully guaranteed, joining the Cleveland Browns' Deshaun Watson ($230 million), Burrow ($146.5 million), Jackson ($135 million), Herbert ($133.7 million), Goff ($113.6 million), Hurts ($110 million), the Arizona Cardinals' Kyler Murray ($103.3 million) and Buffalo Bills' Josh Allen ($100 million).
"I am beyond grateful to be able to continue my career in Jacksonville," Lawrence said in a statement. "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."
Lawrence is fourth all time in Jaguars history in passing yards (11,770) and passing touchdowns (58) and is 21-31 as a starter (including playoffs). He led the Jaguars to the AFC South title in 2022 and rallied the team from a 27-0 deficit to a 31-30 victory over the Chargers in a wild-card playoff game before losing to the Chiefs in a divisional playoff.
He led the Jaguars to an 8-3 start in 2023 but battled a concussion and ankle and shoulder injuries over the final six weeks of the season, as the Jaguars went 1-5 down the stretch and missed the playoffs.
The Jaguars selected Lawrence first overall in 2021. He struggled as a rookie under coach Urban Meyer -- who was fired after only 13 games -- and finished with a league-high 17 interceptions. Lawrence improved under coach Doug Pederson, throwing for 4,113 yards and 25 touchdowns with only eight interceptions in 2022. The Jaguars started the season 3-7 but went 6-1 in the last two months and won the AFC South.
Lawrence has 60 turnovers in his first three seasons, which includes an NFL-high 21 in 2023 (14 interceptions, 7 lost fumbles). There are only 11 quarterbacks who have made their debut since 1978 that have turned the ball over more in their first three seasons, according to the Elias Sports Bureau. That list includes three Hall of Famers: Warren Moon (73, tied with Steve DeBerg for the most), Peyton Manning (64) and John Elway (61).
"I am delighted that we've agreed to terms on a contract extension for Trevor Lawrence," Jaguars owner Shad Khan said in a statement. "Trevor and Trent Baalke both deserve immense credit for their determination over the offseason to reach a deal that will provide long-term benefits to our football team, the Jacksonville community and our fans everywhere. 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."