Breaking down Justin Herbert’s 5-year, $262.5 million contract extension

The Chargers and Justin Herbert agreed to a five-year, $262.5 million contract extension on Tuesday afternoon that makes him the highest-paid player in NFL history in regards to average yearly salary and ties him to Los Angeles through the 2029 season.

The contract topped both extensions signed earlier this offseason from the Ravens’ Lamar Jackson (five years, 260 million) and the Eagles’ Jalen Hurts (five years, 255 million) and will guarantee Herbert 218.7 million which is now the second most ever behind only Deshaun Watson’s $230 million fully-guaranteed contract he signed last offseason.

Another notable number in his contract is the $100 million that Herbert is set to receive in year one of the new deal. That’s the most ever assigned for a single season, beating the previous high of $80 million.

Overall, Herbert will average $52.5 million per year and is now the third quarterback this calendar year sit atop the position as the highest paid. Finally, with the extension now done, the Chargers were able to lower his 2024 cap number from $29.5 million to roughly $19 million to better set themselves up next offseason when Joey Bosa, Khalil Mack, Mike Williams, and Keenan Allen are all set to have a cap hit of over $30 million.