Los Angeles, California - Star quarterback Justin Herbert and the Los Angeles Chargers have reached agreement on a massive five-year, $262.5-million contract extension, according to multiple sources.

The deal makes Herbert the highest paid quarterback in the league by average salary per year and total money, just slightly surpassing the extension Lamar Jackson signed with the Baltimore Ravens in April.

Herbert (25) will be entering his fourth NFL season since the Chargers selected him sixth overall in the 2020 draft out of Oregon. He had two years remaining on his rookie contract, which was to pay him roughly $8.5 million this season and $29.5 million on his fifth-year option contract in 2024.

The new deal locks Herbert in with the Chargers through the 2029 season.

He passed for 4,739 yards and 25 touchdowns with 10 interceptions last season while helping Los Angeles to a 10-7 record and their first playoff appearance since 2018.

Herbert had his best season in 2021, when he threw for 5,014 yards with 38 touchdowns and 15 picks.

His 1,316 completions are the most through a player’s first three seasons, and his 64 Total QBR is ranked fourth best in the NFL since his 2020 rookie season.