According to Garafolo, Lockett will receive $20 million guaranteed, and the extension has a base value of $31.8 million.
Lockett had been set for free agency in 2019. His extension represents a major pay raise since he counts for just $2.1 million against the salary cap this season.
Through three seasons, Lockett's receiving numbers don't seem to warrant such a big investment by the Seahawks. The 2015 third-round pick has caught 137 passes for 1,816 yards and nine touchdowns.
Having said that, Paul Richardson got $40 million over five years from the Washington Redskins after four mostly underwhelming years in Seattle.
With Richardson's departure, Lockett assumes a bigger role in Seattle's passing game, so a career year could be in store. If he had hit the open market in the offseason, his value could've been inflated to the point it priced the Seahawks out of an extension.
Focusing on Lockett's receiving numbers also ignores what he brings in the return game. His 949 kick return yards in 2017 led the league, and he's averaging 25.9 yards per return over his career.
With Lockett's contract out of the way, the team can focus on re-signing one or more of its players headed for free agency.
The Athletic's Michael-Shawn Dugar listed linebacker K.J. Wright, defensive end Frank Clark and free safety Earl Thomas as the most notable names. ESPN.com's Dan Graziano tweeted to "expect Frank Clark to be their next order of business."