Continuing a trend among highly-paid cornerbacks to announce their new contracts via Twitter with basic financial information, Cardinals cornerback Patrick Peterson has informed the tweet-watching world that he has signed a five-year, $70 million extension with $48 million guaranteed.
Per a source with knowledge of the situation, the deal is actually with $70.05 million over five years, a minor distinction that makes him the highest-paid cornerback in the NFL based on a new-money analysis. Seahawks cornerback Richard Sherman signed in May four-year, $56 million extension, worth $14 million a year in new money. Peterson’s average is $14.01 million.
While Peterson was a little low on the total amount, he’s also a little high on the guaranteed money. We hope to have more details about the guaranteed money in the morning.
The key for Peterson comes from both shifting the injury risk to the team and getting a big-money extension with two years left on his rookie contract. Sherman and Browns cornerback Joe Haden got their new deals with one year left on existing deals. Peterson becomes the first 2011 first-round pick to get a long-term deal despite having two years remaining under contract.