The Jacksonville Jaguars and quarterback Trevor Lawrence agreed to a five-year contract extension worth $275 million with $200 million guaranteed, NFL Network and ESPN reported Thursday.

The deal would give Lawrence $55 million per year, tying Joe Burrow of the Cincinnati Bengals for the highest average annual value among NFL quarterbacks.

Lawrence, the No. 1 overall pick of the 2021 NFL Draft, would have played the 2024 season for $5.6 million on his rookie deal if no long-term deal had been reached.

Lawrence, 24, made the Pro Bowl in 2022 and is 20-30 as a starter, passing for 11,770 yards with 58 touchdowns and 39 interceptions through three seasons. He has rushed for 964 yards and 11 scores.

He threw for 4,016 yards, 21 touchdowns and 14 interceptions in 16 games in 2023, missing one game due to injury. The Jaguars missed the playoffs despite an 8-3 start to the season.

--Field Level Media