The deal is worth $84 million with $65 million in guaranteed money, per Kevin Acee of the San Diego Union-Tribune.
The news comes after Rivers said, per Eric Williams of ESPN on Aug. 6, his "mentality has been the same since March, which is I’m playing this season right here. Like I said a few weeks ago, if something happens, it does. But I don’t think you should hold your breath for an update any time soon.”
Michael Gehlken of the San Diego Union-Tribune previously reported on July 19 Rivers was in no rush to commit to San Diego past 2015:
As training camp nears, Rivers remains under contract through 2015 and 2015 alone. His expressed comfort in allowing the year to play out as such has been followed by an appropriate pace of action, little urgency coming from his side of the negotiation table in recent months as the Chargers maintain the hope to sign him long term.
After a brilliant 2013 campaign, Rivers regressed a bit in 2014. His completion percentage, passing yards and touchdowns declined, while his 18 interceptions were tied for the highest in the league.