Chargers, QB Justin Herbert agree to 5-year extension worth $262.5 million, AP source says

Updated Jul. 25, 2023 9:36 p.m. ET

Associated Press

Justin Herbert is set to become the NFL's highest-paid quarterback by annual salary, agreeing to a five-year, $262.5 million extension with the Los Angeles Chargers on Tuesday.

Herbert's total value and $52.5 million average per season surpasses the $260 million, five-year extension ($52 million average) Baltimore's Lamar Jackson signed three months ago. Herbert will get $218.7 million guaranteed, which is second to the fully guaranteed $230 million deal Deshaun Watson signed with Cleveland in 2022, a person close to the negotiations told The Associated Press.

The person spoke to The AP on condition of anonymity because the Chargers did not release the financial details.

The team and Herbert agreed to the extension on the first day of training camp. The Chargers’ first practice will be Wednesday.

Herbert is the second member of the 2020 draft class to sign a big extension, after Philadelphia’s Jalen Hurts signed a five-year extension worth $255 million.

Herbert’s contract also sets the playing field for the Cincinnati Bengals and Joe Burrow. Bengals owner Mike Brown on Monday said talks are ongoing.

Kansas City's Patrick Mahomes is in the third year of a 10-year contract worth $450 million, the largest overall deal for a quarterback.

The 25-year-old Herbert — the sixth overall pick in 2020 — is the first quarterback in NFL history to begin his career with three consecutive seasons of at least 4,000 passing yards and is one of two players to throw 25 touchdown passes in each of his first three years.

Since entering the league, Herbert is second in the league in completions (1,316), third in passing yards (14,089) and sixth in TD passes (102).

Despite Herbert's numbers, he hasn't pushed the Chargers into the echelon of Super Bowl contenders. Los Angeles is 25-25 including the playoffs with Herbert under center.

Last season, the Chargers went 10-7 and reached the postseason for the first time since 2018. They blew a 27-point first-half lead and lost to Jacksonville 31-30 in the first round of the playoffs.

Herbert was set to enter the final year of his rookie contract and had a base salary of $4.2 million for the upcoming season. The Chargers picked up his fifth-year option for 2024 worth $29.5 million.

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