Just ten days after Eli Manning finally signed his contract extension, another quarterback from the class of 2004 just got a whole lot richer.
ESPN’s Len Pasquarelli reports that the Chargers and Philip Rivers have agreed to terms on a six-year, $92 million contract extension through 2015, with $38-39 million guaranteed.
“This is a great day for the Chargers and Chargers fans,” said Chargers team President Dean Spanos said in a statement. “Philip has proven he has all of the necessary qualities to be a successful quarterback in the NFL. He’s a proven winner and an unquestioned leader for this football team.”
The total value and guaranteed money are very similar to what Manning signed for, showing that general excellence, leadership, and good stats can be worth as much as a Super Bowl championship. (Only Manning family members and Giants fans would deny that Rivers could have won with the ’07 Giants, too.)
The guaranteed money is actually higher than what Manning earned. (Although one could argue Eli will get $47 million “guaranteed” . . . unless he’s cut after this year.)
As PFT’s fearless leader Mike Florio points out, the key will be how much Rivers earns in the next couple of years.
If the structure of the contract is any indication, we suspect it will be similar to Manning’s money, but perhaps a little less to adjust for New York inflation.
Either way, the Chargers locked up one of the best young quarterbacks in the league after quiet negotiations that Pasquarelli described as “sparse” only a few days ago.
Chargers G.M. A.J. Smith is a happy man to have “his guy” locked up long-term.
“We feel Philip is an outstanding player with a very bright future. It’s a great feeling knowing he will be with us for many years to come,” Smith said in a statement.
Smith essentially choose Rivers over Manning first, then Drew Brees. Perhaps Brees has been a little better over the last three years, but the decision will pay off big dividends by the time Rivers nears the end of this contract.
UPDATE: Scout’s Adam Caplan reports Rivers will get $38.5 million guaranteed.