Aaron Rodgers extends the deal, earning $150.8M over three years.
According to NFL Network's Ian Rapoport and Tom Pelissero, Rodgers' new agreement is signed. The signing was subsequently confirmed by the club.
With a new four-year contract agreement, Rodgers became the highest-paid player in the NFL annually when he elected to return to Green Bay last week.
Rodgers will earn an average of $50 million per year for the first three years of the deal, after haggling with the Packers for a week over the precise structure. Rapoport noted that two cap placeholders on the rear end may be rebuilt at that time.
"We are very pleased to be able to come to an agreement with Aaron that keeps him in Green Bay," said Packers general manager Brian Gutekunst.
"His performance on the field and his leadership in our locker room are still crucial as we aim to win a second Super Bowl. The arrangement also lets us keep and improve a competitive roster."
In 2022, Rodgers' basic pay was $26.47 million and his salary-cap figure was $46.664 million. The new contract raises his salary and lowers the cap.
According to Pelissero, the Packers' quarterback will make $42 million in 2022, $59.515 million in 2023, and $49.3 million in 2024, totaling $150.815 million over three years.
After three years, Rodgers may retire at 41 or the Packers may modify the agreement.
The revised agreement lowers Rodgers' salary charge in 2022 to $28.5 million, $18 million less than expected, giving the Packers budget flexibility to be in Super Bowl contention.
On the last day, the Packers managed to get under the salary ceiling, allowing them to make free-agency moves. Za'Darius Smith and Billy Turner were dismissed, while Rodgers and Preston Smith were extended. It is now $45 million more available due to the adjustments.
Green Bay could only offer Rodgers a raise by deferring his significant cap hits to the future. The Packers will be concerned about the eventual payment, which will be far more than the current limit.