Pead was drafted 50th overall in this year's NFL draft, and he is expected to serve as a change-of-pace back alongside starter Steven Jackson.
Financial terms are not known, but Pead's draft slot position under the new collective bargaining agreement between the NFL and the players union is expected to earn him a four-year deal worth approximately $4 million. NFL.com expects the deal to guarantee nearly $2 million.
Pead also confirmed the news via Twitter, stating, "It's official. I got my first job today."
As the starting running back for the University of Cincinnati for the previous two years, Pead rushed for 3,288 yards and 27 touchdowns.
The Rams waited until last week to start signing draft picks, as the organization wanted the players to focus on their transition from college to the pros without getting bogged down with contract talks. CBS Sports reported on May 25 that general manager Les Snead would likely open talks with players soon and have all players signed by the end of minicamp and OTAs on June 14.
Under the collective bargaining agreement between the NFL and the players union, a new rookie wage scale was agreed upon to make signing draft picks more simple than in the past.
The Rams have signed six of their 10 draft picks. Pead is the highest pick to sign as Michael Brockers, Brian Quick and Janoris Jenkins all are unsigned.