Report: Justin Herbert, Chargers Agree to 5-Year, $262.5M Contract; NFL's Top-Paid QB

The Los Angeles Chargers and Justin Herbert agreed to a five-year, $262.5 million contract extension on Tuesday, according to NFL Network's Ian Rapoport and Mike Garafolo, making him the NFL's highest-paid quarterback in average annual value.

Rapoport and ESPN's Adam Schefter provided more details on the contract:

Jeremy Fowler of ESPN noted on Wednesday that Herbert's guarantees include options that have to be activated a year early.

The team confirmed the new extension with Herbert, although didn't announce terms.

L.A. selected Herbert with the No. 6 overall pick in the 2020 NFL draft, and while the Bolts have yet to enjoy playoff success during his tenure, his production has far exceeded the expectations of most.

The 25-year-old burst onto the scene as a rookie in 2020 to make 15 starts and put together one of the best statistical seasons ever by a rookie quarterback.

Herbert completed 66.6 percent of his passes for 4,336 yards, 31 touchdowns and 10 interceptions en route to the NFL Offensive Rookie of the Year Award.

As good as the Oregon product was as a rookie, his sophomore campaign was even better, as he completed 65.9 percent of his passing attempts for a career-high 5,014 yards and 38 touchdowns, as well as 15 interceptions.

Herbert was also named a Pro Bowler for the first time, although Los Angeles missed the playoffs with a loss in the final game of the regular season.

His numbers took a hit in 2022, but he finally got the Chargers into the playoffs with a 10-7 record. His numbers were still solid as well to the tune of a career-best 68.2 percent completion percentage, plus 4,739 passing yards, 25 touchdowns and 10 picks.

Herbert and the Chargers seemed well on their way to a huge playoff victory in the AFC Wild Card Round after racing out to a 27-0 lead over the Jacksonville Jaguars, but they were instead on the wrong end of one of the biggest comebacks in NFL history.

The Jags stormed back to win 31-30 and send the shellshocked Herbert and Co. home for the season.

Despite that, there is no denying Herbert's status as one of the best young quarterbacks in the NFL, so a new, robust contract was merely a formality.

With Herbert signed for the long haul, the Chargers essentially guaranteed they will be in the playoff mix, and perhaps even in the conversation as a Super Bowl contender, for a long time to come.