Cincinnati Bengals quarterback Joe Burrow signed a five-year contract extension with the NFL club on Saturday that will make him the league's highest-paid player, the team announced.
On the eve of the Bengals' 2023 season opener at Cleveland, the 26-year-old passer signed a five-year extension worth a reported $275 million, breaking the old mark of Los Angeles Chargers quarterback Justin Herbert with a five-year contract worth $262.5 million in July.
"It means a lot to me, but there's a lot more to do," Burrow said.
"You take a deep breath, celebrate for about five minutes and then you continue about your weekly process. It's game week so you've got to get ready to play."
Burrow said the deal was made in such a fashion that the Bengals could afford to sign free agents and keep top talent, without detailing the structure of his new deal.
"We got what we wanted. They got what they wanted," he said. "I'm going to be here for a long time. That's the most important thing."
The Bengals did not confirm dollar figures, but noted in a statement, "The extension will pay the Pro Bowl signal caller at the highest level ever provided in the NFL."
"Today's announcement continues the team's efforts toward investing in our talented players," Bengals executive vice president Katie Blackburn said. "Joe has come in and immediately established himself as a winner and a leader."
Burrow, the top pick in the 2020 NFL Draft and a Cincinnati starter since his rookie campaign, led the Bengals to their first playoff victory since 1990 in the 2021 playoffs, when the club reached the Super Bowl only to lose to the Los Angeles Rams.
Last season, the Bengals advanced to the AFC Championship game only to lose to eventual Super Bowl winner Kansas City.
"Joe is an intelligent player who loves the game of football," Bengals president Mike Brown said. "The franchise is pleased to be in good hands."
In 42 NFL games, all as a starter, Burrow has completed 1,044 of 1,530 passes (an NFL record 68.2% accuracy rate) for 11,774 yards and 82 touchdowns with 31 interceptions.
"Quarterback is the most critical position in sports, and Joe has embraced his role here with intelligence and determination," Bengals coach Zac Taylor said.
"The team responds to Joe as our quarterback, and we look forward to a bright future with Joe continuing to lead our talented roster. He makes everyone better."