According to Mike Rodak of ESPN.com, Taylor will receive $30.5 million over the next two campaigns before becoming a free agent after 2018. This is down $10 million from the $40.5 million he would have made in 2017 and 2018 combined under the previous contract.
He would have also remained under team control through 2021 if the Bills had picked up his original deal.
As Rodak noted, however, the Bills were expected to release Taylor if he did not agree to the restructured deal.
The 27-year-old quarterback has led Buffalo to a 14-14 record over the past two seasons as a starter, tallying over 3,000 passing yards and 500 rushing yards in each season. His dual-threat ability helped him earn a 68.2 Total QBR in 2016, good for ninth-best in the NFL, per ESPN.com.
This production could have earned him a new multiyear contract on the open market, especially considering unproven Mike Glennon will get $15 million per year from the Chicago Bears. Vic Carucci of the Buffalo News reported interest from the San Francisco 49ers, Cleveland Browns and New York Jets at the beginning of March.
However, Taylor has apparently chosen to remain with the Bills and try to lead the team to its first playoff appearance since 1999.