The Jacksonville Jaguars and quarterback Trevor Lawrence have finalized a five-year, $275 million contract extension, according to sources cited by ESPN's Adam Schefter. This deal, which includes $200 million guaranteed and a $37.5 million signing bonus, places Lawrence among the highest-paid quarterbacks in the NFL.

The $55 million average annual salary ties Lawrence with Cincinnati Bengals' Joe Burrow for the highest in the league. Lawrence now joins an elite group of quarterbacks earning over $50 million annually, which includes the Detroit Lions' Jared Goff ($53 million), Los Angeles Chargers' Justin Herbert ($52.5 million), Baltimore Ravens' Lamar Jackson ($52 million), and Philadelphia Eagles' Jalen Hurts ($51 million).

This substantial commitment underscores the Jaguars' confidence in Lawrence, who has already made significant strides since being drafted first overall in 2021. Despite a challenging rookie season under former coach Urban Meyer, Lawrence has shown remarkable improvement under current coach Doug Pederson. In 2022, Lawrence threw for 4,113 yards, 25 touchdowns, and only eight interceptions, leading the Jaguars to an AFC South title and a dramatic playoff victory against the Chargers.

Lawrence's performance has not been without its ups and downs. He battled injuries, including a concussion and ankle and shoulder issues, in the latter part of the 2023 season, which contributed to the Jaguars missing the playoffs. However, his overall progress has been evident, and the new contract is a testament to the franchise's belief in his potential.

"I'm aware of what's going on, but I try to keep my focus on doing my job out here," Lawrence said during a Jaguars practice earlier this month. "I have full belief that it'll take care of itself, and that's not something that I need to worry about. That's why I pay people and hire people to do that for me."

Lawrence's new deal also includes $142 million guaranteed at signing, providing significant financial security. This move follows the Jaguars' decision to pick up Lawrence's fifth-year option, ensuring he remains a central figure in the team's future plans.

With this extension, Lawrence becomes the ninth quarterback with $100 million or more fully guaranteed, joining the ranks of the Cleveland Browns' Deshaun Watson ($230 million), Joe Burrow ($146.5 million), Lamar Jackson ($135 million), Justin Herbert ($133.7 million), Jared Goff ($113.6 million), Jalen Hurts ($110 million), Arizona Cardinals' Kyler Murray ($103.3 million), and Buffalo Bills' Josh Allen ($100 million).

Lawrence's statistical achievements place him fourth in Jaguars' history for passing yards (11,770) and passing touchdowns (58). His leadership was instrumental in the Jaguars' turnaround in 2022, where the team rebounded from a 3-7 start to finish the season with a 6-1 run, culminating in an AFC South championship.

Despite his progress, Lawrence's career has not been without criticism. He has amassed 60 turnovers in his first three seasons, including an NFL-high 21 in 2023. However, this has not deterred the Jaguars from investing in his future, recognizing his growth and potential to lead the team to greater heights.

Lawrence's journey in the NFL began under turbulent circumstances with the tumultuous tenure of Urban Meyer. However, the arrival of Doug Pederson marked a turning point, with Lawrence displaying the talent and leadership that made him the first overall pick.

As the Jaguars look ahead, this contract extension signifies a long-term commitment to building around Lawrence. With the stability of a franchise quarterback now secured, Jacksonville can focus on strengthening its roster and making a deeper playoff run in the coming seasons.

In the highly competitive AFC, where quarterbacks like Patrick Mahomes and Joe Burrow set the standard, Lawrence's continued development will be crucial for the Jaguars' aspirations. This deal not only rewards Lawrence for his performance but also sets the stage for the next chapter in his career and the franchise's pursuit of success.