Lions set to sign Stafford to lucrative three-year extension
Stafford has reportedly agreed to a three-year, $53 million extension with the Detroit Lions which will keep him under contract through the 2017 season.
Though he still had two years remaining on his contract, the Lions wanted to get Stafford locked up this season. Considering that the price of quarterbacks is seemingly skyrocketing on a daily basis, it's probably a good move by the Lions to get the contract done now, rather than in the spring of 2015. Stafford had told the Lions that he would not negotiate during the season, so if the Lions wanted to get a deal done, they had to do it soon.
Stafford's $53 million extension also includes $41.5 million in guarantees, as well as a $27.5 million signing bonus. Combined with the two years left on his previous deal, Stafford is set to make $76.5 million between now and 2017.
As for the financial implications on the Lions, the extension will help them out over the next two seasons. Stafford's previous contract would have counted $20.8 million against the cap in 2013, and $19.3 million in 2014. With the extension, the Lions will save $7 million in cap space over the next two seasons.
Despite a significant dip in quarterback rating in 2012, Stafford is an enormous part of the Lions' offense. He has racked up a ridiculous 10,005 yards over the past two seasons, averaging 310+ yards per game in each campaign.
When his new contract expires, Stafford will still be only 29 years old, meaning he should be in for at least one more giant payday.
Stafford's extension has not been made official just yet, but an announcement is expected within the next two days.