Larry Fitzgerald, Cardinals Agree to New Contract: Latest Details and Reaction

The Arizona Cardinals and wide receiver Larry Fitzgerald have come to terms on a contract extension. 

Per ESPN's Adam Schefter, Fitzgerald's extension with the Cardinals adds one more year to his deal, which now runs through 2017. The Cardinals announced the deal on their official website. 

Ian Rapoport of NFL Network reported the deal is worth $11 million.

On Saturday, ESPN's Ed Werder noted the team initiated extension talks to give general manager John Keim roster stability. 

Fitzgerald enjoyed a career renaissance in 2015, setting a career high with 109 receptions for 1,215 yards and nine touchdowns. It was his first 1,000-yard season since 2011.  

The 32-year-old originally signed a two-year contract before the 2015 season that included $22 million in guaranteed money. The team essentially restructured his deal to help lower a cap hit that was set to be $23.6 million last season, per ESPN.com's Josh Weinfuss. 

Following Fitzgerald's excellent return-to-form season, Pro Football Focus graded him as the NFL's sixth-best wide receiver in 2015. He is also one of the NFL's best all-around receivers, with PFF giving him the highest run-blocking grade among players at the position last year. 

Gordon McGuinness of Pro Football Focus ranked Arizona's wide receiving corps as the second-best unit in the NFL heading into 2016, with Fitzgerald being one of the biggest reasons why:

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[Fitzgerald] has been one of the most-consistent players in the league since PFF began grading in 2007; he has graded positively every year, and dropped just 29 of the 874 catchable passes thrown his way in that span. Last season, he dropped just three of the 112 catchable passes thrown his way, giving him the third-best drop rate among players at the position.

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The Cardinals are built to win now. They came within one win of playing in the second Super Bowl in franchise history thanks in large part to the chemistry between Fitzgerald and quarterback Carson Palmer. 

Even though Fitzgerald is no longer the home run threat he was in his prime, last year was evidence that he can still be an impact player on an elite team. It's only fitting that he signed a deal that will potentially allow him to retire with the team that drafted him third overall in 2004.