Source: Tyreek Hill gets $35.2M guaranteed in 3-year extension with Chiefs

The Kansas City Chiefs have signed Tyreek Hill to a three-year extension worth $54 million, a source told Yahoo Sports on Friday.

Hill's extension has a unique structure, the source said, and includes $35.2 million guaranteed and a $5.8 million signing bonus.

The Chiefs had been interested in extending Hill, 25, since a child-abuse investigation on the wideout and his then-fiancée closed with the NFL deciding not to punish Hill.

“He understands our expectations of him as a member of this team and community,” Chiefs general manager Brett Veach said in a statement. “This extension is contingent upon the conditions Tyreek agreed to adhere to upon his return to the team in July. Tyreek is an elite player in this league and has played a major role in our team’s success, and we’re pleased that he’ll continue to make an impact for us.”

Kansas City Chiefs wide receiver Tyreek Hill (10) makes a catch before an NFL preseason football game against the San Francisco 49ers in Kansas City, Mo., Saturday, Aug. 24, 2019. (AP Photo/Charlie Riedel)
Tyreek Hill got half the guaranteed money that Odell Beckham Jr. received last season. (AP)

Hill, a three-time All-Pro, is coming off a third season in which he notched career highs in catches (87), yards (1,479) and touchdowns (12). He was entering the fourth and final year of his rookie deal after the Chiefs selected him amid controversy as a fifth-round pick in 2016.

“Kansas City is my home, and I appreciate the love and support from [team owner] Clark Hunt, Coach [Andy] Reid and Brett Veach, along with my coaches and teammates,” Hill said in a statement.

Hill gets a large infusion of cash after vastly outperforming his rookie deal. By signing the deal, he also gets to remain with the organization that stuck with him throughout the child-abuse investigation and took a chance on him by selecting him in 2016, when he was off many teams' draft boards due to his domestic-abuse guilty plea for a 2014 incident with the same woman involved in his most recent investigation.

From the Chiefs’ perspective, the deal allows them to lock up an elite receiver for a reasonable price. The extension equals the $18 million per year average that another elite receiver, Odell Beckham Jr., signed with the New York Giants a year ago, making Hill the second-highest paid receiver in football. While Beckham's contract included $65 million in guarantees, Hill will receive about half that guaranteed.

Hill is in position to get another big-money deal down the road. He turns 26 in April and by the time the extension runs out after the 2022 season, he projects to still be in his prime and young enough to command top dollar, provided he avoids future controversy.

In the meantime, he'll continue to team up with the game's best young quarterback, 23-year-old Patrick Mahomes, and one of the league's smartest offensive coaches, Andy Reid, for years to come.

More from Yahoo Sports: