Rapoport noted the deal is worth $51.67 million and will pay the 24-year-old $12 million per year in new money, which makes him among the top five highest-paid offensive linemen in the NFL.
Bakhtiari commented on the deal on Twitter:
The former University of Colorado standout is in the midst of his fourth season with the Pack, and he has been a starter at left tackle for the entirety of his tenure.
With the exception of missing two games due to injury last season, Bakhtiari has started every game since Green Bay selected him in the fourth round of the 2013 NFL draft.
While Bakhtiari has yet to be named to a Pro Bowl, he is still a young player who has extensive starting experience at one of the most important positions on the field as quarterback Aaron Rodgers' blindside protector.
Green Bay made a head-scratching move when it released Pro Bowl guard Josh Sitton prior to the start of the regular season, but with Bakhtiari signing such a large contract, it seems likely Sitton was cut to make an extension possible.
The Packers' window of opportunity to win a Super Bowl is likely limited to how long Rodgers can play at a high level, and investing in Bakhtiari is directly tied to that.
Provided Bakhtiari continues to develop and can avoid injury over the course of his contract, it promises to be a worthwhile move due to the importance of keeping Rodgers' uniform clean.
Follow @MikeChiari on Twitter.