COSTA MESA, Calif. -- The Los Angeles Chargers and quarterback Justin Herbert have agreed to terms on a five-year, $262.5 million contract extension, sources told ESPN's Adam Schefter on Tuesday.

The deal comes a day before the Bolts open training camp and keeps Herbert, 25, under contract in L.A. through the 2029 season. It includes a no-trade clause, $133.7 million in full guarantees, and $193.7 million in injury guarantees.

The team announced a multiyear extension for its franchise quarterback but did not disclose specific terms.

KSOO-AM / ESPN Sioux Falls logo
Get our free mobile app

Herbert becomes the third quarterback this year to agree to a blockbuster extension following new deals between the Philadelphia Eagles and Jalen Hurts (five years, $255 million) and the Baltimore Ravens and Lamar Jackson (five years, $260 million).

It also sets the playing field for the Cincinnati Bengals and star QB Joe Burrow, who remain in talks on an extension.

Herbert's deal makes him the highest-paid quarterback in NFL history based on average annual value ($52.5 million).

Herbert has surpassed several significant statistical NFL milestones since he was selected with the sixth overall pick in 2020. Last season, he led the Chargers to their first playoff appearance since 2018.

This season, Herbert will be under the direction of new offensive coordinator Kellen Moore, who joined the Bolts after four seasons in the same role with the Dallas Cowboys, where his unit ranked in the top four in points per game (27.7), yards per game (391) and third-down conversion percentage (44%).

Herbert also will have at his disposal a plethora of playmakers, including receivers Keenan Allen and Mike Williams, first-round pick Quentin Johnston, as well as running back Austin Ekeler, who last season led the NFL with 18 touchdowns.

LOOK: These Are the Richest NFL players

To uncover the richest NFL players, Stacker consulted Celebrity Net Worth and ranked them by their 2022 net worth, calculated using a proprietary formula. 

More From KSOO-AM / ESPN Sioux Falls