Trevor Lawrence is getting paid in a big way.

The Jacksonville Jaguars have reached an agreement with Lawrence on a five-year contract extension worth $275 million. That breaks down to $55 million per season.

According to what NFL Media’s Ian Rapoport reported on Thursday, the deal includes $200 million guaranteed, with $142 million fully guaranteed.

The #Jaguars have reached a deal with their star QB Trevor Lawrence. Sources says they are giving the former No. 1 pick a 5-year extension worth $275M — $55M a year — with $200M guaranteed and $142M fully.

Lawrence’s agent Jay Courie of @mgcsports did the deal. pic.twitter.com/C3BaDgsjEV

— Ian Rapoport (@RapSheet) June 13, 2024

In January, Jaguars GM Trent Baalke said he was unsure whether an extension for Lawrence would come this offseason or next offseason. The sides apparently decided to make it happen this year, which is not too surprising given the hint the young quarterback gave earlier this month.

Lawrence was the No. 1 overall pick in 2021 by Jacksonville. The team went 9-8 in his starts in 2022 and 8-8 under him last season. Last year, he threw for 4,016 yards, 21 touchdowns and 14 interceptions, while rushing for 339 yards and 4 touchdowns.

Lawrence was entering the fourth season of his rookie deal and was set to earn $5.4 million in 2024. The team had already picked up his $25.6 million option for 2025 prior to the contract extension being agreed to.