The team announced Wednesday the deal to keep Waller from becoming a restricted free agent next offseason.
Waller has been one of the biggest bright spots for the Raiders this season. He leads the team with 37 catches through five games for 359 yards and 17 first downs. Waller entered the year with just 18 career catches for Baltimore and Oakland after being drafted by the Ravens in the sixth round in 2015.
Waller dealt with substance abuse problems that led to a pair of suspensions with Baltimore. The Raiders signed him off the Ravens practice squad late last season.
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