Denver, Colorado - Super Bowl champion Russell Wilson and the Denver Broncos have agreed to a massive five-year, $245 million extension that includes $165 million in guaranteed money.

Wilson's mega-deal is the third-highest contract in NFL history in guaranteed money, trailing only the Browns' Deshaun Watson's $230 million and the Cardinals' Kyler Murray's $189.5 million.

The 33-year-old's new contract with the Broncos was confirmed by the league and is said to be set through the 2028 season for $296 million, with the extension paying an average annual salary of $49 million.

Wilson will start on the field this season for Denver, but is currently completing two years left on his previous deal with the Seattle Seahawks. He will earn $24 million this season and $27 million next year before the extension sets in.

Attaining the acclaimed quarterback came at a large cost for the Broncos. The franchise traded five draft picks, which included two first-round and two second-round selections, and three players to the Seahawks for Wilson in March.

Still, for a team that hasn't been to the playoffs since their Super Bowl win in 2016, the Broncos are hoping the star quarterback's experience on the field will prove worth the high price.

The Denver Broncos will kick off the season with Wilson as their starting quarterback against the team he just left, the Seattle Seahawks, on September 12 at 8:15 PM EST.