After months of rumors that the Giants were poised to lock up quarterback Eli Manning for the long haul, it finally has happened.
According to Jay Glazer of FOX, Manning and the team are on the verge of agreeing to a six-year extension worth $97.5 million.
Glazer reports that the deal includes $35 million in guaranteed money.
Factoring in the $9.4 million in base salary that Manning already was due to earn in 2009, the annual average of the seven-year, $106.9 million arrangement is $15.2 million.
Though Panthers defensive end Julius Peppers will earn more this season under his one-year franchise tender, Manning’s contract represents the biggest multi-year average that any NFL player has received.
On the surface, Redskins defensive tackle Albert Haynesworth’s seven-year, $100 million deal comes close, but the reality is that it’s only (only?) a four-year, $48 million package. And the $102 million deal given last year to Steelers quarterback Ben Roethlisberger covers eight seasons.
As our own Tom Curran pointed out last month, the Manning deal likely will be the first big-money domino to fall in an ongoing string of record-setting quarterback contracts.
Next up? Philip Rivers. Then Tom Brady. Then Eli’s big brother, again.
UPDATE: Albert Breer of SportingNews.com confirms the numbers first reported by Glazer. It’s a seven-year, $106.9 million deal, with $35 million guaranteed.