According to NFL Network's Ian Rapoport, the five-year deal is worth $125 million.
Carr commented on the extension via Twitter:
As seen in the following tweet courtesy of SportsCenter, Carr tops some big names among the league's highest-paid quarterbacks:
Rapoport added that Carr's deal is significant for other quarterbacks who are due for a new contract in the near future:
While Carr scored a huge contract, Andrew Brandt of The MMQB was quick to point out that he is far from guaranteed to come away with the entire $125 million:
Even so, Carr's older brother and former Houston Texans quarterback, David Carr, is hoping to get a meal out of the deal:
Among those who congratulated Carr for his newfound fortune was Raiders offensive coordinator Todd Downing:
In addition to some of the more serious reactions to the news, there was no shortage of lightheartedness regarding the groundbreaking agreement.
As pointed out by @360FFB on Twitter, Carr likely has a firm grasp of Randy Moss' "straight cash homie" catchphrase now that he's the highest-paid player ever:
Carr is the key among NFL quarterbacks in terms of average annual salary, which prompted The Poster Maker to tweet a Game of Thrones-inspired graphic:
Not Robert Griffin on Twitter compared Carr's beefed-up bank account to a vengeful Clark Griswold looking to do damage at the blackjack table in Vegas Vacation:
Also, Adam Bogdan of PatriotsInform provided his vision of what Carr might do with his millions:
Raiders owner Mark Davis is the one who signed off on the deal, and Denlesks offered a satirical look at the negotiations:
Carr has come a long way since being a second-round pick in the 2014 NFL draft out of Fresno State, and he is now one of the NFL's most promising quarterbacks.
The 26-year-old signal-caller is set to enter his fourth NFL season and is already a two-time Pro Bowler.
He led Oakland to the playoffs last season for the first time since 2002 and put up impressive numbers in the process with 3,937 yards, 28 touchdowns and six interceptions.
While the Raiders are paying for potential to some degree, Carr's upward trajectory suggests he is poised to enter the ranks of the elite in the near future.