Chargers, Justin Herbert reach agreement on five-year extension worth $262.5 million

The next domino in the quarterback market has fallen. The Los Angeles Chargers and Justin Herbert have reached an agreement on a multi-year extension, the team confirmed Tuesday. Specifically, it’s a five-year, $262.5 million extension that ties the quarterback to the franchise through the 2029 season, according to NFL Media. Herbert became eligible for an extension this offseason after having two years remaining on his rookie contract, including the fifth-year option L.A. picked up last offseason.

Herbert’s extension, per ESPN, includes $133.7 million fully guaranteed and $193.7 million with the injury guarantee, which could spring to $218.7 million guaranteed. 

This deal is just the latest in what has been a massive boom at the quarterback position over the previous few seasons. Prior to Herbert’s reported contract extension, the most recent deal that come down across the league was the five-year, $260 million contract Lamar Jackson signed with the Baltimore Ravens. Herbert’s deal is just a tad more than Jackson’s and currently makes him the highest-paid quarterback in the league. From an average annual salary standpoint, Herbert will make 52.5 million per season. That’s more than Jackson ($52 million in AAV), Jalen Hurts ($51 million), Aaron Rodgers ($50.2), and Russell Wilson (48.5 million), who round out the rest of the new top five.

The 25-year-old landed in Los Angeles as the No. 6 overall pick of the Chargers back in 2020 out of Oregon. Upon arrival, Herbert has been prolific, breaking the rookie record for passing yards per game (289.1), passing touchdowns (31), and completions (396). Herbert has the most passing yards (14,089) through a player’s first three seasons in NFL history. He also has the second-most passing touchdowns (94) to begin a career. He’s never thrown for less than 4,300 yards in a season and is coming off a 2022 campaign where he notched a career-high 68.2 completion percentage. 

While Herbert’s play on the field has been stellar during the regular season, the quarterback is just one game over .500 (25-24) in his career and has yet to win a playoff game. Los Angeles was able to reach the postseason for the first time during the Herbert era last season, but the Chargers fell to the Jacksonville Jaguars after blowing a 27-point lead. With Herbert now being paid as the top quarterback in the entire NFL, he’ll now be expected to lift Los Angeles not just to a single playoff win, but to contend for a Super Bowl year in and year out.