The Carolina Panthers and Greg Olsen agreed to terms on a two-year contract extension that will pay the veteran tight end "$8.55 million per year with a max value of up to $10.05 million per year," according to Adam Schefter of ESPN.
Olsen was reportedly in search of long-term security last summer, which did not materialize.
Instead, the two sides reached a "fair resolution" that saw the Panthers add $2 million in incentives to his deal for the 2017 season. Specifically, the club agreed to pay out $500,000 if Olsen reached 1,000 receiving yards for the fourth straight season and $750,000 if he eclipsed 1,100 yards.
However, those payments did not need to be made.
Olsen broke his right foot in Week 2 of the regular season, and he didn't return to the field until Week 12 against the New York Jets. In seven appearances, the three-time Pro Bowler posted 17 receptions for 191 yards and a touchdown.
Those numbers were disappointing, but Olsen reminded the Panthers of what he can produce after he notched eight catches for 107 yards and a score in the team's 31-26 Wild Card Game loss to the New Orleans Saints.
Now in possession of long-term security, the 33-year-old will set his sights on a comeback and a return to Pro Bowl form as the Panthers attempt to revamp their passing game under new offensive coordinator Norv Turner.